Category: Stock Market

The Woodside Petroleum Limited (ASX: WPL) share price is trading higher on Thursday, up 1.73% to $21.80.

Woodside shares have remained resilient amid broader market volatility, where the S&P/ASX 200 Index (ASX: XJO) plunged 2.1% on Monday to a 3-month low of 7,248.

The ASX 200 is about to break even for the week. The Woodside share price has managed to climb 3.1% over the same time period.

Woodside share price rallies on strong oil prices

Oil is gaining momentum in September, especially after OPEC’s monthly oil market report on 15 September.

In the report, it said:

… the recovery in various fuels is expected to be stronger than anticipated and further supported by a steady economic outlook in all regions. Oil demand in 2022 is now projected to reach 100.8 mb/d, exceeding prepandemic levels.

Crude oil prices started the month at around US$68.28 a barrel. They have climbed to US$71.8 at the time of writing despite the noise surrounding the Evergrande crisis and the global economy.

According to S&P Global, analysts at Australia and New Zealand Banking Group Ltd (ASX: ANZ) believe that oil sentiment could receive a “further boost” after the United States announced plans to relax air travel restrictions for vaccinated foreign passengers.

ANZ analysts that if the US reopened international borders, it could “add more than 190,000 barrels of jet fuel demand in November”.

In other tailwinds for the Woodside share price, Hurricane Ida has caused major disruptions across offshore oil and gas operators in the Gulf of Mexico. This adds to the narrative of tightening supply as demand picks up.

The US Bureau of Safety and Environmental Enforcement reported on 22 September that approximately 16.18 per cent of oil production in the Gulf of Mexico was currently offline.

It said that undamaged facilities would be back online immediately. However, those that sustained damage would take longer to return to operations.

The post Oil prices rise, Woodside (ASX:WPL) share price hits 1-month high appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• ASX 200 jumps as Evergrande confirms it will meet next interest repayment
• Woodside (ASX:WPL) share price rallies 3% as oil weighs in on Evergrande crisis
• ASX 200 rebounds into positive territory led by energy and materials shares
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. 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 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 Bruce Jackson.

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The S&P/ASX 300 Index (ASX: XKO) is pushing higher today, following a rebound after Monday’s heavy loss.

During mid-afternoon trade, the ASX 300 is up 1.21% to 7,386.5 points.

Let’s take a look at which ASX companies are making headlines today.

News Corp (ASX: NWS)

The News Corp share price is topping the charts, up 7.86% to $32.39 during afternoon trade.

With no news coming out of the media company, it appears investors are in agreeance with Goldman Sachs’ latest appraisal.

The multinational investment broker reaffirmed its “buy” rating with a 12-month price target of $44.50 on its shares.

Novonix Ltd (ASX: NVX)

The Novonix share price is storming 7.63% to another all-time high of $6.49.

The company hasn’t released any market-sensitive news of late, however, anticipated demand in lithium-ion batteries seems to be the catalyst. Furthermore, the spot price for lithium carbonate has roared to 153,000 Chinese yuan per metric tonne (roughly A$32,700).

Novonix was also added to the ASX 300 Index on Monday. This means that fund managers are able to invest in the company.

AGL Energy Ltd (ASX: AGL)

The AGL share price is also pushing ahead on Thursday, up 6.69% to $6.06.

Australia’s largest electricity provider also hasn’t released any new market-sensitive material since the release of its full-year results.

However, analysts at JPMorgan upgraded the company’s shares from “Neutral” to “Overweight”. Although, the firm cut its price target by 3.2% to $7.55. Based on the current share price, this implies an upside of around 24.5%.

Which ASX companies are heading the other way?

Paladin Energy Ltd (ASX: PDN)

The Paladin share price is down 4% to 84 cents. Investors are selling the company’s shares after the spot price of uranium cooled off.

Paladin shares have plunged 18% in a week but are still up more than 500% for the year. In 2021, its shares have risen 240%.

Telix Pharmaceuticals Ltd (ASX: TLX)

Also being weighed down by investors today is the Telix share price, down 3.97% to $6.53.

The biopharmaceutical company provided investors with a United States FDA update for its prostate cancer imaging investigational product, Illuccix. It noted that the approvals process has been extended for a further 3 months.

The post Which ASX 300 shares are the top movers today? appeared first on The Motley Fool Australia.

More reading

• The News Corp (ASX:NWS) share price is leaping 8% today. Here’s why
• Why Bapcor, Brickworks, News Corp, & Premier Investments are rising
• ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps
• Telix (ASX:TLX) share price sinks 6% on FDA update
• AGL (ASX:AGL) share price climbs as shareholders vote for greater carbon cuts

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 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 Bruce Jackson.

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It has been a very disappointing month for the Fortescue Metals Group Limited (ASX: FMG) share price.

At the time of writing, the mining giant’s shares are trading a fraction higher for the day at $15.38

This means the Fortescue share price is down 24% since the start of September.

Is the weakness in the Fortescue share price a buying opportunity?

One thing that you hear a lot in investment circles is never to try and catch a falling knife. This term is used to caution investors against buying a company’s shares that are in the process of tumbling lower.

While the Fortescue share price certainly has the hallmarks of a falling knife, one leading broker doesn’t believe it is.

In fact, this morning it suggested that investors consider taking advantage of the pullback.

What was said?

According to a note out of Bell Potter, its analysts have retained their buy rating but trimmed their price target on the company’s shares to $20.87.

Based on the current Fortescue share price, this implies a potential return of 36% over the next 12 months before dividends.

And with Bell Potter forecasting a $2.45 per share fully franked dividend in FY 2022, this potential return stretches to over 50% including dividends.

Why is the broker bullish?

The note reveals that Bell Potter believes the Fortescue share price has been oversold.

The broker commented: “We have run a range of iron ore price scenarios and conclude that the 44% fall in the FMG share price from its closing high $26.30/sh on 29th July to its close yesterday of $14.75/sh looks overdone.”

This is due to the broker’s belief that the company can maintain its strong margins and dividends despite the recent iron ore price weakness.

Bell Potter explained: “We find that FMG is in a strong position to maintain strong margins, earnings and dividends. EBITDA margins remain >60% over the forecast period under our new Base Case. Lower forecast iron ore prices do not impact FMG’s ability to fund its near or medium term capital or debt servicing requirements under a range of scenarios.”

“As a result we leave our assumed dividend payout ratio of 80% unchanged. While our valuation of FMG is sensitive to our long-term iron ore price assumption (which we have left unchanged at US$95/dmt), the bearish near-term scenarios we have run indicate that competitive dividend yields (>5%, fully franked under our lowest case) look like remaining key supports for the FMG share price at current levels,” it added.

The post Top broker tips Fortescue (ASX:FMG) share price to rise 36% appeared first on The Motley Fool Australia.

More reading

• Fortescue (ASX:FMG) share price jumps 4%, iron ore back above US$100 a tonne
• Should investors buy Fortescue (ASX:FMG) shares in September 2021 for the 16% dividend yield?
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• Evergrande on investors’ minds and miners in focus. Scott Phillips on Nine’s Late News
• Why Champion Iron, Fortescue, Lake Resources, & Zip are racing higher

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 no position in any of the stocks mentioned. 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 Bruce Jackson.

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The Zoom2u Technologies Ltd (ASX: Z2U) share price has slipped into the red in afternoon trade today and now trades at 59 cents.

There’s been no market sensitive news for the company, so let’s cover why the Zoom2u share price is dropping today.

What’s up with the Zoom2u share price today?

Zoom’s shares have been on the decline since the company announced a contract agreement with Telstra Corporation Ltd (ASX: TLS) three days ago.

Telco giant Telstra is now offering two-hour deliveries on its products for certain areas in Australia.

As such it has partnered with Zoom2u in order to be the courier that ensures each package arrives to its customers safely and surely.

Telstra won’t have to meet any volume milestones or requirements under the contract, nor is the agreement exclusive with Zoom2u.

Investors appear to have sold on the news, perhaps seeking a more favourable outcome for Zoom, or are perhaps unhappy with management’s deal-making skills.

Just before this announcement, shares in the parcel delivery platform had soared over 260% since making its ASX debut almost 3 weeks ago.

The surge was spurred on by an announcement last week that the company had signed its first enterprise customer under its Locate2u platform.

Amart Furniture Access will now use Zoom’s platform under a software as a service (SaaS) model for the next 24 months.

Aside from this, the company has Bing Lee on its books using its Zoom2u platform.

The momentum from these events hasn’t been enough to save the Zoom2u share price over the last few days, which has come off a high of 72 cents on 20 September.

A bit more on Zoom2u

Zoom2u operates under two segments, known as Zoom2u and Locate2u. The former is a segment platform that connects customers requiring logistics services with local drivers.

The second is a SaaS product that optimises a company’s logistics department through efficiency and transparency.

Zoom completed its initial public offering (IPO) three weeks ago now, listing at 20 cents – and its shares have since soared.

Over this time, the Zoom2u share price has climbed almost 200%, offsetting the small dip that’s being realised in today’s session.

At the time of writing, Zoom has a market capitalisation of $110.9 million.

The post Why the Zoom2u (ASX:Z2U) share price is plunging 8% today appeared first on The Motley Fool Australia.

More reading

• Zoom2u (ASX:Z2U) share price soars 19% amid Telstra contract news
• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Why the Telstra (ASX:TLS) share price is outperforming the ASX 200 today
• The Zoom2u (ASX:Z2U) share price has soared 267% in a week
• Why the Zoom2u (ASX:Z2U) share price is rocketing 28% higher today

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Santos Ltd (ASX: STO) share price is on the move today. Shares in the Aussie energy giant have charged 2.77% higher at the time of writing to $6.49 per share.

That’s despite no new announcements from the oil and gas producer as the broader S&P/ASX 200 Index (ASX: XJO) also climbs.

Why is the Santos share price charging higher?

The big factor that appears to be sparking today’s Santos share price surge is climbing crude oil prices. The last 18 months or so have been quite volatile for the key commodity. However, overnight there was good news for investors with both Brent and WTI crude oil prices climbing higher.

Rising fuel demand and a drawdown on US crude oil inventories led to strong gains overnight. WTI crude futures rose 2.5% to US$72.23 per barrel while Brent crude futures settled up 2.5% at US$76.19 per barrel.

That is good news for a major producer like Santos. Those overnight gains have been reflected in today’s strong Santos share price rally. It’s not just Santos that is enjoying the gains with Woodside Petroleum Ltd (ASX: WPL) and Oil Search Ltd (ASX: OSH) shares also climbing higher on Thursday.

It’s welcome news for shareholders who watched ASX 200 shares get smashed on Monday and Tuesday. Fears over the financial woes of Chinese real estate giant Evergrande Group spooked markets earlier in the week but many shares are paring back those losses on Thursday.

The Santos share price is no exception, climbing 2.6% at the time of writing to be up 0.6% on a year to date basis. Shares in the Aussie oil and gas producer are trading at a 34.4 price to earnings (P/E) ratio with a 2.2% dividend yield.

Foolish takeaway

The Santos share price has lifted during Thursday’s session. Shares in the energy giant are climbing higher alongside its peers after crude oil prices jumped overnight.

The post Why the Santos (ASX:STO) share price is charging higher on Thursday appeared first on The Motley Fool Australia.

More reading

• ASX 200 jumps as Evergrande confirms it will meet next interest repayment
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 rebounds into positive territory led by energy and materials shares
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. 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 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 Bruce Jackson.

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The APN Industria REIT (ASX: ADI) share price is frozen due to a trading halt at the company’s request.

ADI, a real estate investment trust (REIT), owns a portfolio of industrial and business park assets across most of Australia’s major capital cities.

The company requested a pause in trading on the ASX pending today’s announcement on major property acquisitions and a proposed equity raising.

What property acquisitions did APN Industria announce to the ASX?

ADI reported it has entered into agreements that will enable it to acquire interests in a portfolio of 51 industrial properties and development opportunities for $368 million.

The acquisition is taking place alongside Dexus (ASX: DXS), which released a separate announcement to the ASX.

ADI said its acquisitions include:

• A 33.3% interest in Jandakot Airport, located in Perth, Western Australia. The industrial portfolio includes 49 properties, roughly 80 hectares of developable land, and a general aviation operating business
• A 100% interest in 2 Maker Place, Truganina, Victoria. This is a 30,364 square metre logistics facility fully leased to Australia Post. It also has adjoining developable land
• A 50% interest in Lot 2, 884-928 Mamre Road, in Kemps Creek, New South Wales. This is a 42,515 square metre fund-through development project to be delivered in May 2023.

Dexus will own the other 66.7% interest in Jandakot and will acquire the remaining interest in Kemps Creek.

Commenting on the acquisitions, APN Industria REIT fund manager, Alex Abell said:

This transaction represents a compelling opportunity for Industria to achieve transformational growth and deploy capital into assets with significant value creation opportunities. The acquisitions capitalise on the strong momentum in the industrial sub-sector, with growing ecommerce take-up in Australia set to drive approximately 2.4 million square metres of industrial space take-up between now and 2025 …

The acquisitions also introduce a significant development pipeline that has the potential to deliver future value upside through further leveraging Dexus’s fully integrated platform.

ADI said it will partly fund the acquisitions via a fully underwritten $350 million equity raising. The new shares will have an issue price of $3.45. This is some 8% less than yesterday’s closing price of $3.74 per share.

The equity raising comprises a $100 million institutional placement and a $250 million 1-for-3 non-renounceable entitlement offer. The remainder will be funded via existing and new bank debt facilities.

Dexus reported it plans to take up its full $40 million under ADI’s Entitlement Offer and provide a commitment to sub-underwrite up to approximately $39 million.

ADI share price snapshot

The ADI share price is up 31% year to date compared to 10.5% for the All Ordinaries Index (ASX: XAO).

Over the past month, the APN Industria REIT share price has risen 4%.

The post Here’s why the APN Industria REIT (ASX: ADI) share price is frozen today appeared first on The Motley Fool Australia.

More reading

• Why the Dexus (ASX:DXS) share price is moving higher today
• Analysts name 2 high yield ASX dividend shares to buy

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 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 Bruce Jackson.

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The News Corporation (ASX: NWS) share price has jumped into the green today and is now changing hands 7.8% higher at $32.62.

Shares in the media giant are running hot after it snuck in an announcement on a new share buyback program yesterday.

Here’s what we know.

News Corp to double share buyback program

News Corp announced that it has authorised a US$1 billion share repurchase program with no time limit.

The program replaces the old $500 million regime that was authorised back in 2013 and represents almost 6% of News Corp’s market capitalisation.

Under the arrangement, the company will purchase its own stock in the open market, which may then be “modified, suspended or discontinued at any time”.

Prior to allocating capital to share buybacks, News Corp had been on the acquisition trail in 2021, folding in a number of additional ingredients into its growth recipe. Around six transactions have been completed this year, either through News Corp itself or its subsidiaries.

It appears News Corp may have pivoted away from that strategy for now in announcing the buyback program.

After all, it has a fairly robust balance sheet judging by its last earnings report, with $2.2 billion in cash, and $4.5 billion in short-term assets.

Investors appear to want a piece of the action and are driving the News Corp share price higher in afternoon trade.

What did management say?

Speaking on the buyback program, News Corp CEO Robert Thompson said:

These landmark decisions follow our most profitable year since the launch of the new News Corp in 2013 and are a tangible sign of our confidence in the inherent value and enormous potential of our businesses.

With the board’s active support, we are acutely focused on long-term value for investors, balancing strategic investments and capital returns. Our robust cash balance and strong free cash flow have enabled us to launch a much larger, more aggressive buyback program that we intend to begin after our quiet period ends.

News Corp share price snapshot

The News Corp share price has gained 41% this year to date, which is well ahead of the benchmark S&P/ASX 200 index (ASX: XJO).

It has also climbed a further 57% over the past year, again outpacing the broad index’s return of 25% over the same period

The post The News Corp (ASX:NWS) share price is leaping 8% today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why Bapcor, Brickworks, News Corp, & Premier Investments are rising
• ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps
• 5 things to watch on the ASX 200 on Tuesday
• These 8 ASX shares are going ex-dividend this week

The author Zach Bristow has no positions in any of the stocks mentioned. 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 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 Bruce Jackson.

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Investors could be wondering why a number of ASX 200 shares have fallen today despite no company announcements.

As we move towards the end of September, a vast majority of ASX shares are trading ex-dividend these days.

An ex-dividend date is when investors must have purchased a company’s shares to be eligible for the upcoming dividend. If an investor buys the shares on or after this date, the dividend will go to the seller.

Below, we take a look at the list of shares that are trading ex-dividend today.

Cash Converters International Ltd (ASX: CCV)

Cash Converters provided its full-year results to the market at the end of August, highlighting a mostly positive performance.

Revenue fell 23% on the prior corresponding period to $201.3 million in what management described “a challenging economic environment”. Nonetheless, this didn’t deter the company to turn around its bottom line. Net profit after tax improved to $16.2 million compared to a $10.5 million loss in FY20.

The board declared an unfranked final dividend of 1 cent per share, payable on 14 October 2021.

The Cash Converters share price has accelerated by almost 60% over the past 12 months with year-to-date gains above 10%.

Eagers Automotive Ltd (ASX: APE)

Eagers Automotive released its half-year result also in late August, delivering increases across the board.

Underlying Earnings before Interest, Tax, Depreciation, Amortisation and Impairment (EBITDAI) surged 65.4% to $378 million. An even better percentage came from the company’s statutory profit after tax, up 1,614% to $202.3 million.

The board declared a full-franked interim dividend of 28.4 cents per share. Eligible shareholders can expect to receive the dividend distributions on 15 October 2021.

The Eagers Automotive share price has travelled 60% higher since this time last year and is up 15% in 2021.

Cochlear Limited (ASX: COH)

Cochlear revealed its full-year results on 20 August, recording a strong finish for the 2021 financial year.

Sales revenue lifted 19% to $1.49 billion which led the company’s bottom line to jump 54% to $236.7 million.

Cochlear announced an unfranked dividend of $1.40 per share, landing in shareholder accounts on 18 October 2021.

The Cochlear share price has gained 16% in the past 12 months and is treading 24% higher this year alone.

NRW Holdings Limited (ASX: NWH)

NRW issued its full-year results on 19 August, registering a mixed performance for the financial year’s end.

Revenue lifted by 11.5% on the prior comparable period to $2.3 billion. The bumper earnings weren’t enough to pick up profit before income tax, declining 24.3% to $75.9 million.

Management noted that the progressive dividend will be maintained, announcing a fully-franked final dividend of 5 cents.

The funds are scheduled to be paid to eligible shareholders on 13 October 2021.

The NRW share price has lost 24% in the past year, with further falls of 44% coming in 2021.

The post 4 ASX shares going ex-dividend today appeared first on The Motley Fool Australia.

More reading

• Why has the Cochlear (ASX:COH) share price been struggling lately?
• These 5 ASX 200 shares are going ex-dividend this week
• The Cochlear (ASX:COH) share price is down 8% in 4 weeks. Is it a buy?
• How have ASX healthcare shares performed during the August 2021 earnings season?
• Which ASX shares are making a move on the ASX 300?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Cochlear Limited (ASX: COH) share price has been underperforming in recent days.

Over the last month, shares in the hearing device company have fallen 2.6% and are currently trading for $235.28. Over the same period, the S&P/ASX 200 Index (ASX: XJO) is 1.53% lower.

So, why are Cochlear shares struggling at the moment?

Let’s take a closer look.

Could COVID be to blame?

The current COVID-19 outbreak in Australia’s southeast could be one reason for the sluggish Cochlear share price of late.

New South Wales, Victoria, and the ACT are all under lockdown measures as the Delta variant runs rampant. This has put hospital capacity in those areas under increasing strain as coronavirus case numbers surge.

As a result, hospital elective surgery appointments are being cancelled — and this has even been mandated in Greater Sydney by the government.

Cochlear revealed in its full-year results that it generated more than 60% of its revenue from implant devices. So it’s possible the struggling Cochlear share price may be a reflection of the fact surgeries have been delayed across Australia, especially in Sydney.

What else could be affecting Cochlear shares?

The company’s shares have gone ex-dividend today.

This means investors who buy shares in a company on or after the day it goes ex-dividend are not entitled to receive the most recently announced dividend distribution.

The share price typically falls by the dividend amount on ex-dividend days as sellers who will keep the dividend seek to maximise returns.

Cochlear share price snapshot

While the Cochlear share price has been struggling over the last month, it’s also had a pretty average year.

Over the past 12 months, Cochlear shares have appreciated 16%. The ASX 200, meanwhile, is up 24.5% over the same time.

It is slightly better reading since the beginning of 2021. Year-to-date, Cochlear shares have outpaced the ASX 200 by about 13 percentage points.

Cochlear has a market capitalisation of about $15.5 billion.

The post Why has the Cochlear (ASX:COH) share price been struggling lately? appeared first on The Motley Fool Australia.

More reading

• These 5 ASX 200 shares are going ex-dividend this week
• The Cochlear (ASX:COH) share price is down 8% in 4 weeks. Is it a buy?
• How have ASX healthcare shares performed during the August 2021 earnings season?
• 2 fantastic ASX 50 shares that analysts rate as buys
• The Cochlear (ASX: COH) share price is up 4% this last week

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.2% to 7,383.9 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is up 5% to $7.60. Investors have been buying the auto parts company’s shares after they were upgraded by a leading broker. According to a note out of Citi, its analysts have upgraded the company’s shares to a buy rating with an improved price target of $8.25. Citi made the move partly on valuation grounds following a sharp share price pullback in recent weeks.

Brickworks Limited (ASX: BKW)

The Brickworks share price is up over 2% to $24.97. This follows the release of the building products company’s full year results this morning. According to the release, Brickworks reported a 6% decline in revenue to $890 million but a 95% jump in underlying net profit after tax to $285 million. The latter was driven largely by its joint venture property trust with Goodman Group (ASX: GMG).

News Corp (ASX: NWS)

The News Corp share price has jumped 8% to $32.37. This gain appears to have been driven by a bullish broker note out of Goldman Sachs. According to the note, the broker has reiterated its conviction buy rating and $44.50 price target on its shares. This follows the media company’s 30th Annual Communacopia Conference.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is up 3.5% to $27.73. This follows the release of the retail conglomerate’s full year results this morning. For the 12 months ended 31 July, Premier Investments reported an 18.7% increase in retail sales to $1,443.2 million and a 97% jump in statutory net profit after tax to $271.8 million. A key driver of this growth was the Peter Alexander brand, which reported very strong sales and profit growth.

The post Why Bapcor, Brickworks, News Corp, & Premier Investments are rising appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps
• Bapcor (ASX:BAP) share price zooms 7% higher on broker upgrade
• Brickworks (ASX:BKW) share price jumps as net profit soars by 95%
• Premier Investments (ASX:PMV) share price surges on FY21 results, NPAT up 97%
• 2 top ASX growth shares that could be buys

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. owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of and has recommended Bapcor and Brickworks. The Motley Fool Australia has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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