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Why Costa, Northern Star, OZ Minerals, & Speedcast are pushing higher

James Mickleboro
business share price

In afternoon trade the S&P/ASX 200 index is on course to end the week with a disappointing decline. At the time of writing the benchmark index is down 0.25% to 6,815.2 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are ending the week on a high:

The Costa Group Holdings Ltd (ASX: CGC) share price is up 3% to $2.44 following the release of a weather and water update. That update reveals that Costa’s Corindi berry farm has been struggling with dry weather. However, it is not expected to impact its CY 2019 earnings. And while a negative impact is expected in CY 2020, management appears confident that this will be offset by other berry operations.

The Northern Star Resources Ltd (ASX: NST) share price has climbed over 2% to $10.67. This morning the gold miner completed its asset swap with Horizon Minerals Limited (ASX: HRZ). In addition to this, a rise in the gold price overnight has given the gold miners a boost. So much so, the S&P/ASX All Ords Gold index is up almost 0.9% this afternoon.

The OZ Minerals Limited (ASX: OZL) share price is up 2% to $10.86. This morning the copper producer revealed that the first saleable copper-gold concentrate has been produced at Carrapateena. This is OZ Minerals’ new underground copper mine in South Australia, approximately 160km north of Port Augusta. Activities will now ramp up towards reaching a 4.25Mtpa throughput rate by the end of 2020.

The Speedcast International Ltd (ASX: SDA) share price has jumped 8% to 75.8 cents. This is despite there being no news out of the provider of remote communications and IT services. However, as one of the most shorted shares on the ASX, this gain could have been caused by short sellers buying shares to close their positions. They may feel its shares have now bottomed.

The post Why Costa, Northern Star, OZ Minerals, & Speedcast are pushing higher appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019