In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is pushing higher. At the time of writing, the benchmark index is up 0.65% to 7,222.4 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Altium Limited (ASX: ALU)
The Altium share price is up 4% to $28.92. This follows a rebound in the tech sector on Friday following a strong night on the Nasdaq index. In addition, earlier this week Morgan Stanley put an overweight rating and $35.00 price target on its shares. Its analysts believe that chip shortages and supply chain issues could be supporting demand for its software and parts search engine.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 4% to $21.47. Investors have been buying Fortescue and other iron ore mining shares on Friday after the price of the steel-making ingredient jumped overnight. According to CommSec, the benchmark 62% fines iron ore price rose by US$6.86 or 5.1% overnight to US$142.20 a tonne.
PeopleIn Ltd (ASX: PPE)
The PeopleIn share price is up 6% to $3.39. This follows the announcement of an agreement to acquire FIP Group for an upfront consideration of $45 million. This comprises $35 million cash and $10 million in shares. Management notes that FIP is a highly complementary workforce solutions business specialising in staffing solutions to the food and agricultural sector.
REA Group Limited (ASX: REA)
The REA share price is up 2.5% to $112.54. This follows the release of a number of positive broker notes in response to the property listings company’s investor day update. One of those was Goldman Sachs, which has retained its buy rating and $167.00 price target. Goldman notes that REA “remains confident it can achieve double digit revenue/EBITDA growth through the cycle.”
The post Why Altium, Fortescue, PeopleIn, and REA shares are storming higher appeared first on The Motley Fool Australia.
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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 positions in and has recommended Altium and Peoplein. The Motley Fool Australia has recommended Peoplein and REA Group Limited. 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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