In late morning trade the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is pushing higher. At the time of writing the benchmark index is up 0.25% to 5,770.9 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Austal Limited (ASX: ASB) share price is up over 5% to $3.52. Investors have been buying the shipbuilder’s shares after it upgraded its FY 2020 guidance at the end of last week. One broker that has responded positively to this upgrade was Citi. This morning the broker retained its buy rating and lifted the price target on Austal’s shares to $4.05.
The CSL Limited (ASX: CSL) share price is up 3% to $284.46. Investors appear to be taking advantage of the biotherapeutics company’s recent share price weakness to top up positions. Even after today’s gain, CSL’s shares are down 17% from their 52-week high. Concerns over the pandemic’s impact on plasma collections has been weighing on the company’s shares.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 3% to $14.30. The catalyst for this gain has been a jump in iron ore prices on Friday night. The spot benchmark iron ore price climbed above US$100 a tonne amid concerns over supply disruptions in Brazil because of the pandemic. According to CommSec, iron ore rose by US$4.50 or 4.7% on Friday to US$100.90 a tonne.
The Star Entertainment Group Ltd (ASX: SGR) share price has stormed almost 6% higher to $3.12. This follows the release of two announcements on Monday by the casino and resorts operator. The first was a new long-term gaming tax agreement with the New South Wales government. The other was the announcement that its Star Sydney business will reopen today. This will see private gaming rooms open and up to 12 food and beverage venues within the complex.
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More reading
- 3 top ASX dividend shares to buy now
- 5 ASX 200 winners and 3 losers from last week
- Why ASX iron ore miners may outperform this morning
- ASX 200 Weekly Wrap: Surging bank shares push ASX toward 6,000
- 5 things to watch on the ASX 200 on Monday
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited and CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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