In afternoon trade the S&P/ASX 200 index has given back the majority of its morning gains and is now just a fraction higher. At the time of writing the benchmark index is up almost 0.1% to 6,326.4 points.
Four shares that are climbing more than most today are listed below. Here's why they have climbed higher:
The Clean TeQ Holdings Limited (ASX: CLQ) share price has surged 16% higher to 32 cents after providing an update on its wholly-owned Sunrise nickel, cobalt, and scandium project located in central New South Wales. Clean TeQ revealed that it has received numerous inbound enquiries from a range of parties in the electric vehicle supply chain. In light of this, it has appointed Macquarie Group Ltd (ASX: MQG) subsidiary Macquarie Capital to run a partnering process.
The Eclipx Group Ltd (ASX: ECX) share price has continued its remarkable run and is up a further 2.5% to $1.38. This morning the fleet management company's shares were given a further boost when analysts at UBS retained their buy rating and lifted the price target on them to $1.50. The broker believes the risk of Eclipx breaching its debt covenants has reduced meaningfully following its results release last week.
The Metcash Limited (ASX: MTS) share price has risen 2.5% to $3.04. This wholesale distributor's shares were given a lift this morning when Morgan Stanley retained its overweight rating and $3.40 price target following yesterday's update. The broker believes there is upside potential to its earnings estimates in FY 2020 now.
The Zip Co Ltd (ASX: Z1P) share price has climbed 4% to $3.03 despite there being no news out of the buy now, pay later provider. However, prior to today its shares had lost a quarter of their value since peaking at $3.98 in late May. I suspect that some investors believe that Zip Co's shares had been oversold and are attractively priced now.
