Why Accent, Liontown, PSC Insurance, and Zip shares are charging higher today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.2% to 7,729.6 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is up 4.5% to $2.04. Investors have been buying this footwear retailer’s shares following the release of a bullish broker note out of Morgan Stanley. According to the note, the broker has upgraded Accent’s shares to an overweight rating with an improved price target of $2.45.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is up 8% to $1.42. This follows news that the lithium developer has entered into a $550 million debt facility agreement. These funds will be used to ensure the Kathleen Valley Lithium Project is funded through to its first production and the ramp-up to the company’s three million tonnes per year base case.

PSC Insurance Group Ltd (ASX: PSI)

The PSC Insurance share price was up 6% to $5.15 before being placed in a trading halt. This follows speculation that the insurance company could be a takeover target. The rumoured suitors include US$55 billion giant Arthur J. Gallagher & Co. (NYSE: AJG) and the UK’s Ardonagh Group. An offer of $2.3 billion is thought to be on the cards.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 3% to $1.32. This morning, analysts at Citi upgraded this buy now pay later provider’s shares to a buy rating with an improved price target of $1.40. Citi has been impressed with the company’s performance and particularly its balance sheet improvements.

The post Why Accent, Liontown, PSC Insurance, and Zip shares are charging higher today appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX All Ords stock is suspended amid takeover rumours
• Liontown share price leaps 10% on fresh $550 million funding
• Here are the top 10 ASX 200 shares today
• 4 ASX All Ords shares going gangbusters on Tuesday
• Liontown shares rocket 30% in a month ahead of Friday’s results

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 PSC Insurance Group and Zip Co. The Motley Fool Australia has recommended Accent Group and PSC Insurance Group. 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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