Why Allkem, MA Financial, Neuren, and Vulcan Energy shares are pushing higher

The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.7% to 7,010.9 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 3% to $16.00. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating and lifted its price target on the lithium miner’s shares to $20.04. Bell Potter made the move after increasing its earnings estimates by 20% for both FY 2023 and FY 2024 to reflect stronger than expected lithium prices.

MA Financial Group Ltd (ASX: MAF)

The MA Financial share price has rebounded and is up almost 8% to $4.30. This financial services company’s shares were hammered on Monday amid concerns over changes to significant investment visas. However, MA Financial, formerly known as Moelis, doesn’t appear overly concerned. It revealed that 63% of its assets under management (AUM) are non-migration related.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is up 5% to $6.53. This morning the biotech revealed that the US Food and Drug Administration (FDA) has accepted for review the New Drug Application of trofinetide for the treatment of Rett syndrome. The FDA has also granted a Priority Review and assigned a Prescription Drug User Fee Act action date of 12 March 2023.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is up 6.5% to $8.47. Investors have been buying this lithium developer’s shares after it provided an update on the progress of its Zero Carbon Lithium Project. Today’s update reveals that the company has commenced the onsite construction of a demo plant. The plant is scheduled to start cold commissioning in late 2022 and start operation in early 2023.

The post Why Allkem, MA Financial, Neuren, and Vulcan Energy shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Are Yamaha and Toyota about to upend the ASX lithium share party?
• Top broker tips 25% upside for Allkem share price
• ASX lithium stocks are ‘the buy now, pay later of 2022’: expert
• Here’s the lithium price forecast through to 2024
• MA Financial share price leaps 8% following Monday’s bloodbath

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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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