Why 29Metals, NextDC, Sims, and South32 shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.45% to 7,341.9 points.

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

29Metals Ltd (ASX: 29M)

The 29Metals share price is up 9% to $1.25. Investors have been buying this copper miner’s shares after it released an update on exploration activities at Capricorn Copper. The results of the program highlight the continuing potential of Capricorn Copper with demonstrated extensions of known mineralisation at Esperanza South and the Mammoth deposits. In addition, the miner has identified a new mineralised trend east of Mammoth.

Nextdc Ltd (ASX: NXT)

The Nextdc share price is up 9% to $12.09. This has been driven by the release of a trading update from the data centre operator. NextDC revealed that a series of recent customer wins means that its contracted utilisation has increased by 43%, or 35.9 megawatts (MW), to 120MW since 31 December. The new S3 data centre in Sydney has been a key driver of this growth.

Sims Ltd (ASX: SGM)

The Sims share price is up 3% to $16.44. This appears to have been driven by the release of a broker note out of Goldman Sachs. According to the note, its analysts have upgraded this scrap metal company’s shares to a buy rating with an $18.00 price target. Goldman made the move on higher ferrous scrap prices and notes that its EBIT forecasts now sit above consensus estimates.

South32 Ltd (ASX: S32)

The South32 share price is up 3% to $4.39. This is likely to have been driven by the same broker note out of Goldman Sachs. Its analysts have also upgraded this diversified miner’s shares to a buy rating with a $4.90 price target. Goldman highlights its attractive valuation and huge forecast 13.5% dividend yield in FY 2024.

The post Why 29Metals, NextDC, Sims, and South32 shares are racing higher 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

• South32 share price jumps on Goldman Sachs upgrade: broker tips monster yield
• ASX 200 tech share NextDC just rocketed 9%. Here’s why
• ‘Attractive value’: 2 ASX 200 mining shares ‘worth adding’ right now
• 5 things to watch on the ASX 200 on Wednesday
• Analysts name 2 high yield ASX dividend shares to buy today

Motley Fool contributor James Mickleboro has positions in Nextdc. 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/U8FxGXn