Why Graincorp, Nanosonics, NextDC, and Readytech shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) is on form and on track to record a strong gain. In afternoon trade, the benchmark index is up 1.1% to 6,940.1 points.

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

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up 5% to $8.79. Investors have been buying this grain exporter’s shares after wheat prices stormed higher. This is the second day in a row that the Graincorp share price has been racing higher, stretching its week to date gain to 13%.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is up almost 3% to $4.23. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded this infection prevention company’s shares to add rating with a $4.87 price target. The broker made the move on valuation grounds following recent share price weakness.

NextDC Ltd (ASX: NXT)

The NextDC share price is up 6% to $8.83. This morning the team at Macquarie reiterated its outperform rating on this data centre operator’s shares with a trimmed price target of $11.40. The broker notes that the NextDC share price has fallen heavily this year, creating a buying opportunity.

Readytech Holdings Ltd (ASX: RDY)

The Readytech share price is up 27% to $4.12. Investors have been scrambling to buy this enterprise software company’s shares after it received a takeover offer. Readytech has received a conditional, non-binding indicative proposal from funds managed or advised by Pacific Equity Partners (PEP) to acquire it by way of a scheme of arrangement at an offer price of $4.50 per share. This was a 38.9% premium to its last close price.

The post Why Graincorp, Nanosonics, NextDC, and Readytech shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• ReadyTech becomes latest ASX tech share targeted for a takeover
• Fundie reveals 3 ‘top notch’ ASX shares to buy right now
• Here are the top 10 ASX 200 shares today
• Wheat woes: Why the Graincorp share price is charging 8% to the upside today
• Here are the 10 most shorted ASX shares

Motley Fool contributor James Mickleboro has positions in NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nanosonics Limited and Readytech Holdings Ltd. The Motley Fool Australia has positions in and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Readytech Holdings Ltd. 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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