In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a day in the red. The benchmark index is currently down 0.5% to 6,720.6 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is up 3% to $7.76. This appears to have been driven by a broker note out of Morgan Stanley. In response to yesterday’s trading update, the broker has retained its overweight rating and lifted the price target on the company’s shares to $9.00.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has pushed 2% higher to $22.83. Investors have been buying the mining giant’s shares after the price of iron ore rebounded overnight. According to CommSec, the spot iron ore price lifted US$1.65 or 1.1% to US$158.70 a tonne on concerns about tightening supply. This comes at a time when demand from the world’s largest steelmaker China remains robust.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up 3% to $4.26. This follows the release of its annual general meeting update this morning. The agricultural chemical company revealed that it recorded further strong revenue growth in October and November. Nufarm reported a 47% increase in revenue for the two months compared to the same period last year. Though, management acknowledges that these are relatively quiet months in the context of the full year of trading.
Saracen Mineral Holdings Limited (ASX: SAR)
The Saracen share price has risen 3% to $4.82. Investors have been buying Saracen and other gold miners on Friday after the gold price jumped higher overnight. The catalyst for this was meaningful progress in making an agreement for COVID-19 stimulus in the United States. The S&P/ASX All Ordinaries Gold index is up 1.2% at the time of writing.
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Returns as of 6th October 2020
More reading
- 5 things to watch on the ASX 200 on Friday
- 2 ASX growth shares to buy that keep delivering wins
- ASX 200 rises on Thursday
- Leading broker just upgraded these ASX gold stocks to “buy”
- Citigroup picks the best ASX retail stocks to own for 2021
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why Bapcor, Fortescue, Nufarm, & Saracen shares are pushing higher appeared first on The Motley Fool Australia.
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