The S&P/ASX 200 Index (ASX: XJO) is having a better day on Thursday. In afternoon trade, the benchmark index is up 0.35% to 8,932.6 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are storming higher:
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is up 3% to $3.95. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating on the drinks giant’s shares with an improved price target of $4.15. It said: “We retain our Buy rating and raise TP on lower net debt. Although the outlook for consumer spending has weakened, we believe market expectations are low for the company’s strategic refresh, leaving greater room for upside potential. We see opportunity for consensus upgrades: a reenforcing in Dan Murphy’s lowest price perception; and cost-out opportunities.”
Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is up a further 14% to 74.7 cents. Investors have been buying the company’s shares this week after it made a big announcement. Lindian revealed plans to acquire 100% of an existing mixed rare earths carbonate (MREC) processing facility previously operated by a joint venture between Japan’s Sumitomo Corporation and Kazatomprom. Executive Chairman, Robert Martin, commented: “The acquisition of the SARECO Mixed Rare Earth Carbonate facility is a defining step for Lindian. It fast-tracks our transition from a concentrate producer to an integrated rare earths company with downstream capability, materially enhancing margins, commercial flexibility and long-term strategic value.” The acquisition price was materially cheaper than the cost of developing a new one.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up a further 9% to $10.42. This fund manager’s shares have rallied strongly this week in response to its plan to merge with Barrenjoey. Magellan’s chair, Andrew Formica, said: “The merger with Barrenjoey marks a transformative step in MFG’s evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth.”
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 6% to $47.12. This is despite there being no news out of the logistics software provider. However, it is worth noting that tech stocks are having a strong session on Thursday. So much so, at the time of writing, the S&P/ASX All Technology Index is up by almost 3.5%.
The post Why Endeavour, Lindian, Magellan, and WiseTech shares are storming higher today appeared first on The Motley Fool Australia.
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More reading
- Buy, hold, sell: Endeavour, Life360, and Lynas shares
- 3 excellent Australian tech stocks to buy before they rebound
- A once-in-a-decade chance to get a 10%+ yield from ASX 200 income shares?
- 5 things to watch on the ASX 200 on Thursday
- Are Endeavour Group shares a buy after its earnings results crash?
Motley Fool contributor James Mickleboro has positions in Endeavour Group and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.