Why Cobram Estate, EOS, Magellan, and Rio Tinto shares are storming higher today

The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Friday. In afternoon trade, the benchmark index is up 0.25% to 8,650.1 points.

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

Cobram Estate Olives Ltd (ASX: CBO)

The Cobram Estate Olives share price is up 3% to $3.05. Investors have been buying the olive producer’s shares following the release of an update on its proposed acquisition of US-based California Olive Ranch. It is the leading producer and marketer of Californian extra virgin olive oil. The company revealed that it has successfully completed the United States Department of Justice anti-trust review and may proceed with the acquisition. As a result, completion of the transaction is expected to occur on or before 26 March, with integration to commence immediately thereafter.

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price is up 14% to $11.27. This has been driven by the announcement of new counter-drone orders from the Middle East. The two new unconditional orders for counter-drone systems have a total value of US$45 million (A$64 million). It stated: “This sale is to an established customer country in the Middle East and the customer is a large, established defence prime contractor with several large-scale government and export contracts. The customer has requested that EOS do not disclose the customer identity due to national security considerations.”

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 4.5% to $10.23. This may have been driven by a broker note out of Morgans. As we covered here, the broker has upgraded the fund manager’s shares to a buy rating with an improved price target of $12.43. It said: “We think the Barrenjoey merger fundamentally changes MFG’s overall outlook, strengthening the business and providing additional pathways to growth. MFG also retains a strong balance sheet (~A$690m of liquidity, post deal). Move to a BUY.”

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 3% to $157.99. Another broker note from Morgans could also be helping this mining giant’s shares today. It has upgraded Rio Tinto’s shares to a hold rating with a $147.00 price target. It said: “The recent share price pullback closes the valuation stretch, while a lift in our medium-term iron ore assumption from US$80/t to US$85/t provides a firmer earnings floor. RIO remains a top-tier diversified miner. Not cheap enough for a BUY, but the pullback removes the overshoot that justified TRIM.”

The post Why Cobram Estate, EOS, Magellan, and Rio Tinto shares are storming higher today appeared first on The Motley Fool Australia.

More reading

• Rio Tinto share price rises despite incident at major US copper mine
• Buy, hold, sell: Collins Foods, Endeavour, and Magellan shares
• Electro Optic Systems shares jump on new Middle East contract win
• Should you buy Magellan shares before the Barrenjoey merger?
• Why EOS, GQG, Liontown, and Temple & Webster shares are tumbling 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 Electro Optic Systems. 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.