Four ASX-listed Shares Surge as Market Bounces Back

November 08, 2023 12:39 PM AEDT | By Team Kalkine Media

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The S&P/ASX 200 Index has made an impressive comeback today, showing a surge of 0.25% to reach 6,994.8 points in afternoon trade. Among the notable gainers, four ASX-listed companies have managed to outperform the rest of the market, capturing investors' attention.

HMC Capital Ltd (ASX: HMC)

HMC Capital's shares have seen a notable rise of 3%, currently standing at $4.73. This boost can be attributed to Bell Potter's initiation of coverage on the property company, awarding it a buy rating and a target price of $5.55. The brokerage firm emphasized a preference for Real Estate Investment Trusts (REITs) with a combination of low future interest expenses, robust underlying earnings growth, and a focus on specific subsectors such as healthcare, petrol stations, and industrial sectors.

James Hardie Industries plc (ASX: JHX)

James Hardie Industries witnessed a substantial surge of 13%, with shares now priced at $46.65. This rally follows the release of second-quarter update by the building materials firm. Despite reporting flat net sales of $998.8 million, James Hardie managed to achieve a 2% increase in adjusted net income, reaching a record of US$178.9 million.

Piedmont Lithium Inc (ASX: PLL)

Investors have shown keen interest in Piedmont Lithium, resulting in a 3% rise in share price, now valued at 44.2 cents. This enthusiasm stems from the company's delivery of its first-ever quarterly revenue and profit report. Piedmont recorded US$47 million of revenue from 29,011dmt lithium concentrate sales. Additionally, the company disclosed a gross profit of US$24 million.

WA1 Resources Ltd (ASX:WA1)

WA1 Resources has witnessed an impressive surge of 17%, with shares now trading at $11.01. This upswing can be attributed to the niobium explorer's revelation of promising assay results from 100m spaced holes in the eastern zone. These results further highlights the continuity of the shallow high-grade niobium mineralisation at the Luni carbonatite. Niobium, a critical metal with unique properties, holds significant importance in the world's transition towards a low-carbon economy.

As these ASX-listed companies continue to make waves in the market, investors are keeping a close eye on their future prospects and potential for sustained growth.

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