Why GrainCorp, New Hope, Tabcorp, and Woodside shares are pushing higher

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.3% to 7,216.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price is up 4% to $10.04. Investors have been buying this grain exporter’s shares following the release of a positive broker note out of Macquarie. Its analysts have retained their outperform rating and $11.10 price target. Macquarie believes the company’s outlook is positive thanks to the potential for another strong winter crop.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up 2% to $3.98. The catalyst for this rise is news that this coal miner’s shares will be added to the ASX 200 index at the next quarterly rebalance. New Hope will join the benchmark index at the commencement of trade on 20 June.

Tabcorp Holdings Limited (ASX: TAH)

The Tabcorp share price is up 5% to 98.6 cents. Investors have been buying this gambling company’s shares after it settled its Racing Queensland litigation for $150 million. This settlement remains conditional upon the commencement of legislation that will implement proposed reforms by the Queensland Government. These reforms will be a very big boost to Tabcorp’s business

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 2.5% to $32.61. This appears to have been driven by another rise in oil prices on Friday night. Traders were bidding oil higher despite OPEC announcing plans to increase its output. They appear to expect supply to remain tight for some time to come. Oil prices have continued to rise during Asian trade.

The post Why GrainCorp, New Hope, Tabcorp, and Woodside shares are pushing 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 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 Scott Phillips.

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