In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is charging higher. At the time of writing, the benchmark index is up 0.5% to 7,616.4 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is up over 8% to $1.51. This may have been driven by a broker note out of Macquarie. In response to a selloff on Monday, its analysts have upgraded the gold miner’s shares to an outperform rating with a $1.60 price target. In addition, Jefferies has lifted its recommendation to a buy rating with a $2.00 price target.
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 11% to 12.2 cents. This follows the release of a quarterly update from the lithium-boron developer. Management spoke very positively about the year ahead. It said: “2024 promises to be a momentous year for Ioneer, including the expected conclusion of the federal permitting process and the commencement of construction at Rhyolite Ridge.”
Megaport Ltd (ASX: MP1)
The Megaport share price is up 26% to $12.38. Investors have been buying the elasticity connectivity and network services interconnection provider’s shares following the release of its quarterly update. For the three months, Megaport reported total revenue of $48.6 million. This was an increase of 5% quarter on quarter and 31% year on year.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 20% to 72 cents. This has been driven by the release of a strong quarterly update and the announcement of a new dividend policy and on-market share buyback. In respect to the latter, the company will be buying back up to US$100 million worth of shares over the next 12 months.
The post Why Gold Road, Ioneer, Megaport, and Nickel Industries shares are roaring higher appeared first on The Motley Fool Australia.
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More reading
- Gold Road shares rebound 7% as brokers scramble to upgrade ASX 200 gold stock
- Guess which ASX 200 stock is up 17% on big news
- Why is the Megaport share price rocketing 17% today?
- 5 things to watch on the ASX 200 on Tuesday
- Here are the top 10 ASX 200 shares today
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 positions in and has recommended Megaport. The Motley Fool Australia has recommended Megaport. 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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