The S&P/ASX 200 Index (ASX: XJO) is back on form on Monday and on course to record a small gain. In afternoon trade, the benchmark index is up 0.2% to 6,842.8 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 2% to $13.48. This morning this lithium miner was the subject of a bullish broker note out of JP Morgan. Its analysts have retained their overweight rating and increased their price target on the company’s shares to $21.00. The broker has lifted its lithium demand forecast to reflect higher electric car penetration rate assumptions.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is up 2.5% to $3.53. Investors have been buying this gold minerâs shares after it was added to the illustrious ASX 200 index. Capricorn will join the index at the next rebalance later this month. This means that index-tracking funds will have to buy its shares. It is likely to also allow some fund managers with certain investment mandates the opportunity to pick up shares.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 4.5% to $23.06. This fashion jewellery retailerâs shares are also a new addition to the ASX 200 index at the quarterly rebalance. With Lovisaâs market capitalisation now at almost $2.5 billion, it is among the 200 largest listed companies on the Australian share market.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 4% to $3.69. This appears to have also been driven by a broker note out of JP Morgan. Its analysts have upgraded Pilbara Mineralsâ shares to an overweight rating with an improved price target of $4.10. Even after its strong gains this year, this price target still implies potential upside of 11% from current levels.
The post Why Allkem, Capricorn Metals, Lovisa, and Pilbara Minerals shares are rising today appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Lovisa share price leapt 8% on Monday
- Why these 3 ASX shares could be in for a massive boost this month
- Up 75% since mid-June, is it too late to invest in Pilbara Minerals shares?
- An Allkem director offloaded $20 million in shares this week. What gives?
- Zip and these shares have been kicked out of the ASX 200 index
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd. 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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