In late morning trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s heavy decline. At the time of writing, the benchmark index is up 0.7% to 6,694.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are pushing higher:
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 2.5% to $5.09. This follows the release of the rare earths producer’s quarterly update this morning. According to the release, Lynas delivered second production of 1367 tonnes, which was in line with its guidance. This led to the company posting record quarterly sales revenue of $119.4 million. This was up from $87.3 million in the first quarter.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is up 3.5% to $2.40 following the release of its second quarter update. The biotech company reported revenues from royalties on TEMCELL HS Inj. sales of US$2.1 million. This was up slightly year on year from US$2 million in the second quarter of FY 2020. In addition to this, the company provided a comprehensive update on its activities, which appears to have gone down well with investors.
ResMed Inc (ASX: RMD)
The ResMed share price is up 2% to $27.94. Investors have been buying the medical device company’s shares following the release of its second quarter results. ResMed reported a 9% increase in quarterly revenue to US$800 million and a 17% increase in net profit to US$206.4 million. This was driven by a solid performance across the business.
Service Stream Limited (ASX: SSM)
The Service Stream share price has jumped almost 9% to $1.88. This follows the announcement of a multi-year agreement with telco giant Telstra Corporation Ltd (ASX: TLS). According to the release, under Telstra’s new commercial framework, Service Stream will be a key delivery partner responsible for performing design, construction, and maintenance activities associated with its wireless and fixed-line infrastructure networks. Previous similar work has generated significant revenues for Service Stream.
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Returns as of 6th October 2020
More reading
- Why the Mesoblast (ASX:MSB) share price is rising today
- The BlueScope (ASX:BSL) share price surges on a profit upgrade today
- Why the Service Stream (ASX:SSM) share price is jumping 7% higher
- ResMed (ASX:RMD) share price on watch after solid Q2 update
- 2 buy-rated ASX dividend shares for February
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended ResMed Inc. and Service Stream Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why Lynas, Mesoblast, ResMed, & Service Stream shares are pushing higher appeared first on The Motley Fool Australia.
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