In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,792 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are racing higher:
Benz Mining Corp (ASX: BNZ)
The Benz Mining share price is up 25% to $2.65. Investors have been buying the gold explorer’s shares after it announced a maiden exploration target for its 100%-owned Glenburgh Gold Project in the Gascoyne region of Western Australia. Benz Mining’s CEO, Mark Lynch-Staunton, commented: “This initial Exploration Target frames the scale and quality of Glenburgh on a project-wide basis for the first time. Importantly, this is not a loose conceptual target – approximately 80% of the Exploration Target is drill-defined, assay-supported and wireframed, providing a strong technical foundation for resource conversion. [â¦] Glenburgh has the scale and geological architecture to become a major Australian gold project, with the potential to evolve into a world-class gold system.”
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up 1.5% to $8.24. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded the quick service restaurant operator’s shares to a buy rating with a $10.30 price target. This implies potential upside of 25% for investors over the next 12 months. Citi made the move on valuation grounds following a sizeable decline from its highs.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 15% to $33.00. Investors appear to be buying the logistics software company’s shares after WiseTech responded to recent media reports involving founder Richard White. It stated: “The media reports that the alleged investigation relates to Richard White in a personal capacity. There is no suggestion in this media commentary of an investigation into WiseTech. The Company is not aware of any investigation as outlined in the article. The Executive Chair has provided assurance to the Board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking.”
Xero Ltd (ASX: XRO)
The Xero share price is up almost 9% to $70.69. This may also have been driven by a broker note out of Citi. This morning, the broker reaffirmed its buy rating and $113.60 price target on the cloud accounting platform provider’s shares. This implies potential upside of approximately 60% for investors over the next 12 months.
The post Why Benz Mining, Collins Foods, WiseTech, and Xero shares are shooting higher today appeared first on The Motley Fool Australia.
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Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in Collins Foods, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Collins Foods. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.