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.
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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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