Day: 21 December 2021

Today, the S&P/ASX 200 Index (ASX: XJO) bucked the trend set on Wall Street last night. Instead of mimicking the US market and moving to the downside, Aussie equities pushed higher. At the end of the session, the benchmark index finished 0.86% higher at 7,355 points.

It was a pleasing sight on the ASX boards today, with plenty of green to be seen. The only sector that succumbed to a negative session was the real estate sector. However, an impressive gain of 4.1% in the healthcare sector more than made up for it. In addition, energy and mining shares experienced strong support during trade.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, CSL Limited (ASX: CSL) was the biggest gainer today. Shares in the biotechnology giant climbed 5.18% amid the official opening of its share purchase plan to raise capital for its recently announced acquisition of Vifor Pharma. Find out more about CSL here.

The next biggest gaining ASX share today was Zip Co Ltd (ASX: Z1P). The buy now, pay later provider added 5.09% despite there being no new announcements from the company. Uncover the latest Zip Co details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
CSL Limited (ASX: CSL)	$287.94	5.18%
Zip Co Ltd (ASX: Z1P)	$4.34	5.09%
Whitehaven Coal Ltd (ASX: WHC)	$2.57	4.47%
Cimic Group Ltd (ASX: CIM)	$16.54	4.16%
Magellan Financial Group Ltd (ASX: MFG)	$20.51	4.11%
Cochlear Ltd (ASX: COH)	$217.02	3.84%
New Hope Corporation Ltd (ASX: NHC)	$2.18	3.81%
Flight Centre Travel Group Ltd (ASX: FLT)	$17.01	3.34%
Breville Group Ltd (ASX: BRG)	$29.91	3.32%
Washington H Soul Pattinson & Company Ltd (ASX: SOL)	$30.55	3.28%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares this Tuesday
• Why is the Zip (ASX:Z1P) share price outperforming Afterpay today?
• Interested in the $750m CSL (ASX:CSL) share purchase plan? Here are the details
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• Why has the short interest in Zip (ASX:Z1P) shares fallen in December?

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd., Cochlear Ltd., and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has been a wild year for the Afterpay Ltd (ASX: APT) share price. From setting new all-time highs to setting 52-week lows, and everywhere in between — it has been a stomach-churning period for the buy now, pay later (BNPL) company.

Like each year that has come before, 2021’s chapter is coming to an end, but with it comes a new chapter. Shareholders will be hoping for greener pastures after a disappointing performance this year.

Being joined at the hip with the Block Inc (NYSE: SQ) (formerly Square Inc) share price, Afterpay shares have been dragged lower during the recent weakness in tech. Since the deal’s announcement, the Afterpay share price has fallen 35%.

But, what can investors expect to see in 2022 from the former market darling?

When might Afterpay shares vanish?

In most cases, hearing of your shares vanishing is the last thing you want to hear. However, for Afterpay shareholders, it is a top priority. After receiving an unequivocal 99.95% shareholder vote for Afterpay’s acquisition by Block, investors are ready for the deal to be solidified.

According to an update last week, the scheme of arrangement is now legally effective. The only hurdle left in the way is a condition of the Bank of Spain. At this stage, Afterpay anticipates the implementation will occur in Q1 of the 2022 calendar year.

For this reason, it is likely at some point next year thar Afterpay shares will cease to exist. In their place will be Block Inc shares at a 0.375 for 1 exchange rate.

What else?

In early 2022, Afterpay will be offering its flexible payment solution to the subscription economy. Announced on 24 November, the BNPL brand unveiled the expansion of its services to merchants in the United States and Australia.

In short, Afterpay customers will be able to pay for their gym memberships, entertainment subscriptions, and other subscriptions via the instalment mechanism. Plans are already in the works to extend the feature to other regions including Canada, New Zealand, the United Kingdom, and Europe.

Afterpay shares are down 30% since the beginning of the year.

The post Invested in Afterpay (ASX:APT) shares? Here’s what to watch in 2022 appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Humm, Namoi Cotton, and Pilbara Minerals shares are falling
• Why is the Zip (ASX:Z1P) share price outperforming Afterpay today?
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• These were the worst performers on the ASX 200 last week
• Why Afterpay, Corporate Travel, Dubber, and EML shares are falling

Motley Fool contributor Mitchell Lawler owns AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended AFTERPAY T FPO and Block, Inc. The Motley Fool Australia owns and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Flight Centre Travel Group Ltd (ASX: FLT) share price is taking off in a feat that seems to be at odds with international Omicron outbreaks.

At the time of writing, the Flight Centre share price is $17.10, 3.89% higher than its previous close.

However, the company isn’t alone in its gains. The Webjet Limited (ASX: WEB) share price is also surging today, up by more than 3% in late afternoon trading.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.88% right now.

Let’s take a look at what might be driving the travel agent’s stock higher today.

Could this be boosting the Flight Centre share price?

The Flight Centre share price is soaring today despite an overnight downturn for international travel shares.

As the Omicron COVID-19 variant spreads, travel to various parts of the world is once more being halted.

Today, New Zealand delayed the reopening of its borders until late February. Meanwhile, Israel has mandated quarantine for travellers from the United States and banned travel from numerous other nations.

Additionally, according to CNN Travel, several European countries have reinstated COVID-19 restrictions while the Netherlands goes into lockdown.

The share prices of Booking Holdings Inc (NASDAQ: BKNG), Marriott International Inc (NASDAQ: MAR), and Southwest Airlines Co (NYSE: LUV), as well as many other US-listed travel stocks, all slipped into the red overnight, potentially spurred by the international Omicron outbreak.

However, the Flight Centre share price might be gaining on domestic news. As of today, restrictions for international arrivals into Australia have eased.

International arrivals landing in Melbourne and Sydney will no longer need to isolate for 72 hours. Instead, they will only have to isolate until they receive a negative COVID-19 test.

When announcing the change last week, New South Wales Premier Dominic Perrottet commented:

This decision has been made with safety remaining the top priority, which is why all arrivals must return a negative PCR test before they can exit isolation and have an additional test following that.

Finally, the Flight Centre share price might be simply recovering from its recent tumble. Over the course of last week, the travel company’s stock fell 6% despite its silence. Thus, today’s movements might be a simple correction.

The post Why is the Flight Centre (ASX:FLT) share price taking to the skies on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Why is the short interest in Flight Centre (ASX:FLT) shares still growing?
• How high will ASX travel shares fly in 2022?
• These are the 10 most shorted ASX shares
• How is Omicron affecting the Flight Centre (ASX:FLT) share price and outlook?
• Zip (ASX:Z1P) shares just topped these end-of-year rankings

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Booking Holdings, Flight Centre Travel Group Limited, and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Transurban Group (ASX: TCL) share price has continued to trade sideways this month.

This has largely been the case all year, with the toll road operator’s shares up just 1% in 2021.

Can the Transurban share price climb higher?

The team at Morgans believe there’s room for the Transurban share price to push higher from here. Together with its attractive and growing dividend yield, the broker appears to believe this make it a good option for income investors.

According to a note, its analysts have retained their add rating but trimmed their price target on the company’s shares to $14.57.

Based on the current Transurban share price, this implies a return of 6% for investors before dividends and 8.5% including the 35 cents per share dividend the broker is forecasting in FY 2022.

Though, it is worth noting that Morgans expects a big increase in Transurban’s dividend the following year to 55.2 cents. This represents a far more generous yield of 4% for investors.

What did the broker say?

Morgans notes that Transurban has reached an agreement with the Victorian Government and the CPB John Holland Joint Venture on revised terms for the delivery of the West Gate Tunnel Project (WGPT).

This will see Transurban contribute an additional $2 billion to the WGTP across FY 2023 to FY 2026, which is $0.9 billion above what Morgans had previously assumed.

And while it thinks the size of Transurban’s “financial contribution to complete the WGTP will be disappointing for investors, resolution of the dispute removes a major uncertainty.”

Furthermore, the broker believes the “NPV impact is partly reduced by the later phasing of the spend and also by the increased tax depreciation shield it creates until concession end.”

Why invest?

Morgans remains positive on the future and notes that there are a number of trends that are supportive of Transurban’s growth.

It explained: “We view TCL as a high quality pure-play toll road infrastructure portfolio benefitting from employment and population growth, urbanisation, and the value of time, with particular exposure to the east coast capital cities in Australia.”

The post Is the Transurban (ASX:TCL) share price in the buy zone for income investors? appeared first on The Motley Fool Australia.

More reading

• Analysts say buy these ASX dividend shares
• Transurban (ASX:TCL) share price edges higher despite $1.7 billion West Gate Tunnel blowout
• Two inflation resilient ASX 200 shares revealed: fund manager
• Why CBA (ASX:CBA) and this dividend share could be buys
• The Transurban (ASX:TCL) interim dividend has just been announced. Here’s what you need to know

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is having a decent day of trading on the markets this Tuesday so far, nicely countering yesterday’s shaky start to the trading week. At the time of writing, the ASX 200 is up a healthy 0.75% at 7,347 points.

But let’s dive a little deeper and check out the ASX 200 shares topping the share market’s volume charts this afternoon, according to investing.com.

3 most traded ASX 200 shares by volume on Tuesday

Santos Ltd (ASX: STO)

Santos is first up today. This ASX 200 energy share has seen a hefty 9.82 million of its shares find new homes so far this Tuesday. With no news or announcements out of the company thus far, we can probably assume that this elevated volume is the result of the movements in the Santos share price itself. Some speculation regarding potential divestment of assets may also be contributing. Santos shares are currently up a pleasing 1.3% so far today to $6.19 a share.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is our next cab off the rank. Pilbara has had a sizeable 39.88 million of its shares bought and sold thus far today. This has no doubt been initiated by the rather large share price plunge Pilbara has endured today. This company’s shares are presently down a very nasty 11.2% at $2.45 each. This looks to be related to the company’s production and shipping guidance downgrade it unloaded on investors this morning.

Imugene Limited (ASX: IMU)

Our final and most traded ASX 200 share thus far today is biotech company Imugene. Imugene has had a whopping 50.96 million of its shares swap owners so far on Tuesday. Despite this massive volume, there’s not much going on with this company today. There has been no major (or any) news or announcements out of the company.

However, the Imugene share price is having what could be described as a pretty solid day of trading. Its shares are currently up a robust 1.2% at 42 cents each. This move may have sparked so many shares to be traded today. Or perhaps there were one or two unusually large trades. Whatever the reason, Imugene is, at least for now, the ASX 200’s most traded share this Tuesday.

The post Here are the 3 most heavily traded ASX 200 shares this Tuesday appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Humm, Namoi Cotton, and Pilbara Minerals shares are falling
• Santos (ASX:STO) share price jumps on divestment speculation
• Why is the Pilbara Minerals (ASX:PLS) share price crashing 10% lower today?
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO is back on form and on course to record a strong gain. In afternoon trade, the benchmark index is up 0.75% to 7,346.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 2% to $82.60. This is an improvement from earlier in the day when the payments company’s shares tumbled to a new 52-week low of $80.21. This followed another heavy decline from the Square share price overnight. This decline devalued the takeover offer that Afterpay shareholders voted in favour of last week.

Humm Group Ltd (ASX: HUM)

The Humm share price is down 5% to 86.5 cents. This appears to have been driven by profit taking after a strong gain on Monday. Investors were buying the financial services company’s shares after it revealed that it has received approaches from third parties to acquire all or part of it. No further details were provided but management intends to engage with the would-be suitors.

Namoi Cotton Ltd (ASX: NAM)

The Namoi Cotton share price is down 10% to 46 cents. Investors have been selling this cotton producer’s shares after it warned that 2022 could be a difficult year. Namoi Cotton advised that cotton growing areas in NSW and Queensland have experienced flooding in November and December which may result in a loss of crops.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 11% to $2.46 after downgrading its production guidance. The lithium miner revealed that delays have been experienced with both the Ngungaju Plant re-start and Pilgan Plant Improvements Project. As a result, its FY 2022 concentrate production guidance has been downgraded to 400,000 to 450,000 dmt from 460,000 to 510,000 dmt.

The post Why Afterpay, Humm, Namoi Cotton, and Pilbara Minerals shares are falling appeared first on The Motley Fool Australia.

More reading

• Why is the Zip (ASX:Z1P) share price outperforming Afterpay today?
• Why is the Pilbara Minerals (ASX:PLS) share price crashing 10% lower today?
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• These 3 ASX 200 shares are topping the volume charts on Monday
• Why Australian Clinical Labs, Humm, Neometals, and Viva Energy are rising

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended AFTERPAY T FPO. The Motley Fool Australia owns and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Regional Express Holdings Ltd (ASX: REX) share price is having a tough start to the week.

The airline’s shares are down 1.07% at the time of writing to $1.39. That means they are now down 1.77% on Friday’s closing price.

Let’s delve into what might be impacting the company’s shares this week.

Survey reveals travel fears

The Regional Express share price may be falling amid wider market Omicron fears and border closure threats impacting travel.

One clue may lay in a survey released this week on the summer travel plans of Australians.

Four out of five Australians have either cancelled or are unsure about their summer holiday travel plans, Tourism and Transport Australia found.

Meanwhile, one in two people has no confidence about travelling interstate.

The Regional Express share price fall comes amid the company completing its first flight from Sydney to Brisbane on Monday afternoon. The company first informed the market of this flight route in November.

The airline is now flying three times a day between the two cities on Monday to Friday and twice a day on weekends.

Commenting on the news, Rex Airlines deputy chairman John Sharp said:

This is a great way to end what has been an extraordinary year for both Rex and the whole aviation industry.

Despite the obvious difficulties I am extremely proud of what we have been able to achieve. It’s always nice to prove the sceptics wrong and the big plans we have for 2022 means next year promises to be even more exciting.

It’s not been all bad news for travel shares this week though. The Qantas Airways Limited (ASX: QAN) share price is currently up 0.84% to $4.82 after closing flat yesterday.

Regional Express share price recap

The Regional Express share price has plunged 29% in the past 12 months and 32% year to date. During the past month, the company’s shares have dropped by more than 6% and 3% in the past week.

Rex Airlines has a market capitalisation of roughly $154 million based on its current share price.

The post What’s impacting the Regional Express (ASX:REX) share price this week? appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Humm, Namoi Cotton, and Pilbara Minerals shares are falling
• Why did the Step One (ASX:STP) share price rocket 10% today?
• Why is the Telix (ASX:TLX) share price jumping 8% today?
• Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising
• Tesserent (ASX:TNT) share price slides despite Vocus deal

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It’s been a wild and exciting day of trading for the Step One Clothing Ltd (ASX: STP) share price. Step One shares are currently trading at $2.41 each, up a healthy 6.64% on yesterday’s close. But earlier in the trading day, this ASX small-cap share hit an intra-day high of $2.49 a share. That put the Step One share price up just a tad over 10% at the time.

So why have shares of this clothing company been so hot this Tuesday?

Well, let’s get this out of the way. It’s not clear. Oddly for such a big move, there has been no official news or major announcement out of the company today. In fact, we haven’t had any ASX announcements from this company since 2 November.

Step One steps too low?

But that was just a day after Step One actually underwent its initial public offering (IPO). Yes, Step One IPOed back on 1 November. As we reported at the time, Step One’s IPO resulted in the company raising $81.3 million from the placement of its shares at a price of $1.53 each. Its IPO was a lucrative event, with Step One shares rising roughly 86% after just two days of trading, netting its founder Greg Taylor a paper profit of a cool $150 million.

But after an initial few weeks of success that saw Step One shares top out at $3.13 each by 19 November, the company has come back to earth somewhat. Today’s share pricing puts Step One at around 20% below that all-time high, even after the healthy jump we have seen today.

But in its short life so far, Step One has already impressed some ASX investing experts. As we covered late last month, broker Morgans likes what it sees at Step One. This broker rated the company as a ‘buy’, with a 12-month share price target of $3.20. Morgans likes the fact that Step One has unabashed global ambitions, and is watching the company’s US rollout keenly.

Just before the start of December, my Fool colleague Tony also went through Wilson Asset Management analyst Shaun Weick’s bullish views on Step One. Mr Weick pointed to the company’s plans to expand into both sporting and women’s clothing and is also excited about the company’s global expansion plans.

So perhaps some of this sentiment has finally gotten through to investors, who just yesterday would have watched Step One sink to a new post-IPO low of $2.18 a share.

Whatever the reason for today’s share price gains, it’s certainly a great day to own Step One shares. 

The post Why did the Step One (ASX:STP) share price rocket 10% today? appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares only just starting their growth
• Morgans names 2 exciting ASX small cap shares to buy

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Telix Pharmaceuticals Ltd (ASX: TLX) share price is continuing its good run this week amid a company announcement on its study to treat bladder cancer.

The biopharmaceutical company has informed investors it has delivered its first dose to a patient in a Phase 1 study investigating non-muscle-invasive bladder cancer (NMIBC).

At the time of writing, the Telix share price is at $8.04, an 8.65% jump on yesterday’s close. Earlier, it reached a high of $8.10.

A first step in cancer study

Telix updated the market on its targeted alpha therapy candidate TLX250-CDx for bladder cancer. The therapy is designed to target a receptor overexpressed in many solid tumours, including urologic malignancies.

The current study is being conducted in Nantes with Telix’s French-based partner Atonco. It will trial the therapy on 6 patients over 12 months.

NMIBC accounts for around 75-85% of new bladder cancer diagnoses. Bladder cancer is the sixth most common form of cancer for men and the tenth most common cancer worldwide

Telix is hoping its product will deliver “high amounts of energy” to cancer tissue whilst also decreasing the risk of damage to healthy cells, making radiation treatment more effective.

In July 2020, the US Food and Drug Administration (FDA) granted Breakthrough Therapy (BT) designation for TLX250-CDx in the fight against kidney cancer.

Telix’s chief medical officer Dr Colin Hayward said the company was looking to extend TLX250-CDx’s development for numerous cancer types where there is “unmet medical need”.

Cancer treatment is not Telix’s only project. Just yesterday, the Telix share price gained more than 7% as it announced that the US Food and Drug Agency had approved its prostate cancer imaging product Illuccix.

In other company news this morning, Telix also announced it would cease a number of its securities due to “expiry of option or other convertible security without exercise or conversion”.

In all, the company ceased more than 1 million securities, including various option and rights shares.

Telix share price snapshot

The Telix share price has shot up an impressive 101% over the last 12 months.

Telix has a market capitalisation of more than $2.2 billion with just over 285 million shares issued.

The post Why is the Telix (ASX:TLX) share price jumping 8% today? appeared first on The Motley Fool Australia.

More reading

• Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising
• What’s with the Telix (ASX:TLX) share price yo-yo today?
• What’s the outlook for ASX biotech shares in 2022?
• Why Grange, Iluka, Perpetual, and Telix shares are rising today
• Here’s why the Telix (ASX:TLX) share price is falling today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,346.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Australian Clinical Labs Ltd (ASX: ACL)

The Australian Clinical Labs share price is up a sizeable 11% to $5.56. This morning the pathology services provider upgraded its earnings guidance for the first half. Thanks largely to strong demand for COVID-19 testing, Australian Clinical Labs’ net profit after tax (NPAT) is expected to come in at between $116.3 million and $128 million during the half. At the mid-point, this represents a 35% increase over its previous first half NPAT guidance of $86.3 million to $94.9 million.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 3% to $20.27. Investors may have been buying this fund manager’s shares on the belief that they were oversold on Monday after a 30% decline following the loss of a major contract. Alternatively, short sellers could be buying shares to close out their positions.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price is up 4% to $6.36. This morning analysts at UBS slapped a buy rating and $8.00 price target on this copper producer’s shares. The broker is a fan of Sandfire’s acquisition of MATSA and sees a pathway for the company to achieve copper production of greater than 150kt per annum.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price has jumped 8% to $8.02. This morning Bell Potter retained its speculative buy rating and lifted its price target on this biopharmaceutical company’s shares to $9.65. The broker made the move in response to Telix gaining US FDA approval for its Illuccix product. Bell Potter notes that this puts the company in a position to launch the product in the US next month.

The post Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• Magellan (ASX:MFG) shares just lost $1.8b of market cap. What now?
• Why the Australian Clinical Labs (ASX:ACL) share price is up 10% to a record high
• Why Australian Clinical Labs, Humm, Neometals, and Viva Energy are rising
• Why Audio Pixels, CIMIC, Magellan, and St Barbara shares are tumbling

Motley Fool contributor James Mickleboro owns TELIXPHARM DEF SET. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Australian Clinical Labs Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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