Why these 5 ASX 200 stocks are racing higher this week

MotleyFool
16 May

With only a few hours before Friday's closing bell, the S&P/ASX 200 Index (ASX: XJO) is up 1.4% for the week, with these five fast-rising ASX 200 stocks doing a lot of the heavy lifting.

Which big weekly gainers am I talking about?

Read on!

What's sending these ASX 200 stocks flying higher?

The first fast-rising ASX 200 stock is Corporate Travel Management Ltd (ASX: CTD).

Shares in the travel management company closed last Friday at $11.68. At the time of writing, shares are changing hands for $13.17 apiece. That sees the Corporate Travel share price up 12.8% over the week.

While there was no price-sensitive news out from the company, the stock may have gotten a boost from a note out from Morgans. The broker retained its add rating with a price target of $16.05 for Corporate Travel shares.

Moving on to the second ASX 200 stock racing higher this week, we have Graincorp Ltd (ASX: GNC).

Shares in the agribusiness and processing company closed last week at $6.98 and are currently trading for $7.80 each. That puts the Graincorp share price up 11.8% over the week.

The stock closed up 8.8% on Thursday following the release of its half-year results.

Highlights from the six months to 31 March included a 23% year-on-year increase in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to $202 million. And net profit after tax (NPAT) of $58 million was up 16%.

Which brings us to the third ASX 200 stock smashing the benchmark returns this week, Pilbara Minerals Ltd (ASX: PLS).

Shares in the lithium miner closed last week at $1.47 and are currently trading for $1.61. This sees the Pilbara Minerals share price up 9.0% over the week.

The stock appears to have caught some headwinds earlier in the week after Macquarie Group Ltd (ASX: MQG) named Pilbara as one of its top lithium stocks, with a target price of $2.40 a share.

Also racing higher this week

The fourth ASX 200 stock that's shooting the lights out this week is Zip Co Ltd (ASX: ZIP).

Zip shares closed last week at $1.87. At the time of writing, shares are changing hands for $2.06 apiece. That puts shares in the buy now, pay later (BNPL) stock up 10.2% over the week.

Zip also looks to have benefited from some positive broker coverage. Last Thursday, Goldman Sachs initiated coverage on Zip with a buy rating and $2.50 price target.

Which brings us to the fastest-rising ASX 200 stock of the week on our list, Mineral Resources Ltd (ASX: MIN).

Shares in the lithium miner and diversified resources producer closed last Friday at $21.06. In afternoon trade today, shares are changing hands for $26.60 apiece. This brings the Mineral Resources share price up a blistering 26.3% over the week.

There was no price-sensitive news out from the miner this week. But Mineral Resources shares look to have caught some strong tailwinds after the US-China tariff agreement boosted the broader medium-term outlook for the resources sector.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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