Why Myer, South32, Vulcan, and Zip shares are racing higher

A young female ASX investor sits at her desk with her fists raised in excitement as she reads about rising ASX share prices on her laptop.

A young female ASX investor sits at her desk with her fists raised in excitement as she reads about rising ASX share prices on her laptop.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.

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

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 21% to 40 cents. Investors have been buying this department store operator’s shares following the release of a strong trading update. Myer has been performing very positively during the second half. So much so, it expects to report a net profit of between $55 million and $60 million in FY 2022. This will be up 86% to 103% on FY 2021’s result.

South32 Ltd (ASX: S32)

The South32 share price is up 4% to $3.71. Investors have been buying this mining giant’s shares after brokers responded positively its latest quarterly update. One of those brokers was Goldman Sachs, which has reiterated its conviction buy rating with a $4.90 price target. Elsewhere, the team at Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 5% to $7.45. This morning the lithium developer released an announcement relating to its Zero Carbon Lithium Project. Vulcan revealed that it has received approval to carry out a 3D seismic survey from eight local councils across its license area in the German state of Rhineland-Palatinate. In addition, Vulcan has been granted a new exploration license that increases its license area in the Upper Rhine Valley Brine Field by a sizeable 277km2.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 19% to $1.02. This is despite there being no news out of the buy now pay later (BNPL) provider on Tuesday. Though, it is worth noting that a number of BNPL shares are charging notably higher this afternoon.

The post Why Myer, South32, Vulcan, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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