In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a small gain. At the time of writing, the benchmark index is up 0.25% to 7,229.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:
Bailador Technology Investments Ltd (ASX: BTI)
The Bailador share price is up 4.5% to $1.44. Investors have been buying this investment company’s shares following an update on its dividend policy. Bailador revealed that will continue with its dividend policy of paying 4% of its pre-tax net tangible assets (NTA) per annum. Furthermore, this year it will include a special dividend of 2% of pre-tax NTA.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 3% to $20.71. This gain appears to have been driven by a rise in the iron ore price overnight. According to CommSec, the spot iron ore price rose US$1.51 or 1.1% overnight to US$135.02 a tonne.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up 2% to $5.39. This appears to have been driven by bargain hunters swooping in after a recent decline. For example, prior to today, the agricultural chemicals company’s shares were down ~20% over the last couple of weeks. One broker that sees a lot of value in Nufarm’s shares is Macquarie. It has an overweight rating and $7.20 price target on the company’s shares.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up 3% to $4.00. This is despite there being no news out of the telco giant. However, it is worth noting that similar gains are being made by a number of telco shares. This could be a sign that investors are switching to more defensive options on a day that many high risk shares are crumbling.
The post Why Bailador, Fortescue, Nufarm, and Telstra shares are rising appeared first on The Motley Fool Australia.
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More reading
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- Why did the Telstra share price backtrack in May?
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- ASX 200 midday update: NAB completes acquisition, lithium miners sink, Origin tumbles
- Iron ore price to fall 27% by end of 2022: CBA
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 Bailador Technology Investments Limited. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Bailador Technology Investments Limited. 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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