Here’s why OZ Minerals Limited (ASX:OZL) and these ASX shares have just hit new highs on Wednesday…
The post Why OZ Minerals (ASX:OZL) and these ASX shares are hitting new highs appeared first on Motley Fool Australia. –
The Australian share market has returned to form this week and is pushing higher.
While a number of shares have climbed higher with the market, some are performing better than others.
Three ASX shares that have just hit new highs are listed below. Here’s why they are flying high right now:
OptiComm Ltd (ASX: OPC)
The OptiComm share price hit a record high of $6.05 on Tuesday. Investors were fighting to buy the telco’s shares after Uniti Group Ltd (ASX: UWL) increased its takeover offer. This followed a competing offer by First State Super last week. OptiComm is happy with Uniti’s $5.85 per share offer and is recommending it to shareholders. Uniti has also secured the support of large shareholders, making it very difficult for First State Super to derail proceedings a second time.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price continued its positive run and hit a multi-year high of $15.07 yesterday. The catalyst for this has been a rise in the copper price over the last few months. The base metal is currently trading at a two-year high of US$3.08 per pound. It has also been tipped to go even higher from here in the coming months.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price stormed to a record high of $2.50 on Tuesday. Investors have been buying this gold miner’s shares in 2020 thanks to a strong rise in the gold price. This has been driven by a combination of falling interest rates, the pandemic, and major economic stimulus. Its rise means that Ramelius is generating bumper profits from its operations. In fact, thanks also to its low costs, the gold miner delivered a 420% increase in net profit after tax to $113.4 million in FY 2020. This strong form will see the company’s shares added to the S&P/ASX 200 Index (ASX: XJO) later this month.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.