The S&P/ASX 200 Index (ASX: XJO) has started the week on a very positive note. In late morning trade the benchmark index is up 1% to 5,458.7 points.
Four shares that have climbed more than most today are listed below. Here’s why they are charging higher:
The Aristocrat Leisure Limited (ASX: ALL) share price has stormed 5% higher to $26.45. This morning the gaming technology company announced that it has successfully priced a new US$500 million Term Loan B facility maturing in October 2024. This further strengthens its liquidity and preserves its strong balance sheet metrics. In addition to this, this morning Goldman Sachs reaffirmed its buy rating and $30.00 price target on the company’s shares ahead of its half year update this week.
The Newcrest Mining Limited (ASX: NCM) share price has jumped 5.5% to $31.90. This follows a jump in the gold price on Friday night which took the precious metal to a seven-year high. Pleasingly for shareholders, the gold price has continued its rise during Asian trade on Monday. It isn’t just Newcrest that is pushing higher. The S&P/ASX All Ordinaries Gold index is up 5.3% this morning.
The Santos Ltd (ASX: STO) share price is up 3.5% to $4.76. Investors have been buying Santos and other energy shares after oil prices jumped higher on Friday night. Oil prices recorded their third weekly gain in a row amid signs that demand is picking up. The S&P/ASX 200 Energy index is up over 2.5% at the time of writing.
The Zip Co Ltd (ASX: Z1P) share price is up 2.5% to $3.17. This gain appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded its forecasts to reflect a better than expected performance in April. This has led to Morgans retaining its add rating and lifting its price target from $2.57 up to $3.40.
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More reading
- ASX 200 Weekly Wrap: Gold miners help edge ASX ever higher
- These are the 10 most shorted ASX shares
- 5 things to watch on the ASX 200 on Monday
- What to watch on the ASX 200 next week
- Leading fund manager sees good ASX buying opportunities
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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.
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