Why Boss Energy, Crown, Magellan, and Shaver Shop shares are rising

Rising green bar graph with an arrow and a world map, symbolising a rising share price.

Rising green bar graph with an arrow and a world map, symbolising a rising share price.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and tumbled lower. At the time of writing, the benchmark index is down 0.9% to 7,058.5 points.

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

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price is up 3% to $2.52. This uranium developer’s shares were given a boost this morning from a broker note out of Macquarie. According to the note, the broker has retained its outperform rating and $3.20 price target on Boss Energy’s shares. This follows news that the US is seeking to wean itself off Russian uranium.

Crown Resorts Ltd (ASX: CWN)

The Crown share price is up 2% to $13.02. Investors have been buying the casino and resorts operator’s shares following the release of an update on Blackstone’s takeover bid. According to the release, the bid has received approval from the Victorian Gambling and Casino Control Commission and New South Wales Independent Gaming and Liquor Authority. This brings the $8.9 billion takeover a step closer to completion.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 2% to $12.83. This morning the fund manager announced the return of co-founder Hamish Douglass in a new consultancy role. From October, Mr Douglass will provide investment insights, including geopolitical and macroeconomic views.

Shaver Shop Group Ltd (ASX: SSG)

The Shaver Shop share price is up 4% to $1.06. The catalyst for this was the release of a trading update from the retailer. That update reveals that the grooming and beauty products retailer’s sales are up 5.7% so far in the second half and 3.9% financial year to date. A key driver of this growth has been its online business, which reported year to date sales growth of 27.5%.

The post Why Boss Energy, Crown, Magellan, and Shaver Shop shares are rising 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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