Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Wednesday. In afternoon trade, the benchmark index is down 2.4% to 6,843.4 points.

Four ASX shares that have managed to avoid the selloff and push higher today are listed below. Here’s why they are rising:

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price is up over 8% to 73.2 cents. This is despite there being no news out of the lithium explorer. Today’s gain means that Leo Lithium’s shares are now up a massive 35% since this time last month.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 7.5% to 64.5 cents. Once again, this is despite there being no news out of the department store operator. Myer’s shares are also on a very positive run and are now up by 23% since this time last month. Investors appear optimistic that the company will release a strong full year result in the coming days.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals Ltd share price is up a further 4.5% to $6.79. Investors have been buying this biotech company’s shares this week after the US Food and Drug Administration (FDA) accepted for review the New Drug Application (NDA) of trofinetide for the treatment of Rett syndrome. In response, this morning Bell Potter retained its speculative buy rating with an improved price target of $8.60.

Peter Warren Automotive Holdings Ltd (ASX: PWR)

The Peter Warren share price is up almost 15% to $2.89. This follows news that SMA Motors has picked up ~15.7 million shares from Quadrant Private Equity for $50 million on Tuesday. SMA Motors paid an average of approximately $3.19 per share for the stake. This represents a massive 25.6% premium to where the Peter Warren Automotive share price was trading at yesterday’s close. SMA Motors is the name behind Sutton Motors, which is one of Sydney’s largest dealer groups.

The post Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• 3 ASX All Ordinaries shares defying today’s rout to surge higher
• In a sea of red, guess which ASX All Ords share is booming 12% today
• Why Allkem, MA Financial, Neuren, and Vulcan Energy shares are pushing higher
• 3 ASX 300 shares hitting new highs on Friday
• 4 ASX lithium shares hitting all-time highs on Thursday

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.

from The Motley Fool Australia https://ift.tt/6D7GjX4