The S&P/ASX 200 Index (ASX: XJO) defied its earlier downturn to close higher after the Reserve Bank of Australia (RBA) lifted interest rates for a fourth consecutive month. The index was 0.07% higher at 6,998.10 points at Tuesday’s close.

The RBA hiked rates by a further 50 basis points today, bringing Australia’s official cash rate to 1.85% in another bid to dampen inflation, which reached 6.1% over the year to 30 June.

The benchmark index lifted out of its earlier slump immediately after the RBA released the outcome of its August meeting. It was driven higher by S&P/ASX 200 Consumer Discretionary (ASX: XDJ) shares and S&P/ASX 200 Consumer Staples (ASX: XCJ) shares. The sectors gained 1.5% and 1.2% respectively today.

Meanwhile, the S&P/ASX 200 Real Estate Index (ASX: XRE) suffered a 1.6% slump and the S&P/ASX 200 Materials Index (ASX: XMJ) fell 1.1%.

All in all, eight of the ASX 200’s 11 sectors ended today’s trade in the green. But which ASX shares outperformed all others on Tuesday? Keep reading to find out.

Top 10 ASX 200 shares countdown

After a brief hiatus from the top spot, Zip Co Ltd (ASX: ZIP) has retaken the crown. The buy now, pay later (BPNL) stock lifted 15% on Tuesday to close at $1.22. Find out what Zip has been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Zip Co Ltd (ASX: ZIP)	$1.22	15.09%
A2 Milk Company Ltd (ASX: A2M)	$4.90	7.93%
St Barbara Ltd (ASX: SBM)	$1.22	5.17%
Ramelius Resources Limited (ASX: RMS)	$1.03	4.57%
De Grey Mining Limited (ASX: DEG)	$0.94	3.87%
West African Resources Ltd (ASX: WAF)	$1.37	3.79%
Telix Pharmaceuticals Ltd (ASX: TLX)	$7.34	3.38%
Breville Group Ltd (ASX: BRG)	$21.62	3.25%
JB Hi-Fi Limited (ASX: JBH)	$43.61	3.1%
Eagers Automotive Ltd (ASX: APE)	$12.69	3%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares rocking new, multi-year highs on Tuesday
• This ASX 200 director bought $1.5 million worth of his company’s shares in July…and he’s still buying
• ASX 200 jumps higher as RBA lifts interest rates by another 0.50%
• Why A2 Milk, Qualitas, Telix, and Ventia shares are pushing higher today
• Here’s why the A2 Milk share price just popped then stopped

Motley Fool contributor Brooke Cooper 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 ZIPCOLTD FPO. The Motley Fool Australia has recommended A2 Milk. 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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With all the economic dramas going on in China these days, it’s reasonable to wonder whether iron ore’s multi-year bull run is over.

It’s important for us to know, given Australia’s gross domestic product (GDP) relies heavily on our resources trade, particularly sales of iron ore, and China is our biggest customer.

In fact, China buys more iron ore than any other country, accounting for 70% of global imports.

So, for better or worse, right now the global iron ore price is inextricably linked to the Chinese economy. And here’s what’s been happening lately: COVID-19 lockdowns, falling property sales, government-backed bailouts of unfinished housing projects, debt defaults, and a “sharp contraction” in the steel industry due to “collapsing domestic demand”.

That’s according to a note from Liberum Capital reported in the Australian Financial Review (AFR) today.

So, what does all this mean for the iron ore price? Is it heading into a bear market?

The rollercoaster of the iron ore price

Before we answer that, let’s review the recent history of the iron ore price.

Back in January 2016, the iron ore price hit an all-time low of US$42 per tonne. Since that time, it has climbed in a sharp jagged line to reach a peak of US$215 per tonne in June 2021.

Then it took a dive. All the way back to US$100 per tonne by November 2021. Then, we saw a recovery to US$158 per tonne by March this year. Then it fell again, back to $US100 per tonne on 21 July. (Anyone feel like we’re on a rollercoaster, here?)

Now what’s happening? Well, in overnight trading, the iron ore price went up 1.28% to US$119 per tonne.

So, it appears to be on the rebound. Or is it just a blip? Simply part of that historically sharp jagged line, whether it’s upwards or downwards?

Is iron ore going bearish?

In an article by Hans Lee on Livewire, commodities analysts from Citi basically say ‘no’ to this question.

They reckon more stimulus as a result of easing monetary policies in China could lift the iron ore price.

They also say the recent dip in the iron ore price has led to less seaborne supply from smaller producers. Plus, recent lockdowns have resulted in less domestic production, so this could lead to higher demand for imports in the second half of 2022. Hence, “the iron ore price could perform strongly through the end of the year”, according to the article.

The Citi team says the demand/supply ‘delta’, which means the rate of change, is turning positive.

According to the article:

Indeed, new home starts and completions are outpacing the rate of ongoing projects. This differential is traditionally a leading indicator for iron ore price movements — one way or the other.

Citi backs BHP and Rio Tinto

Citi notes the price drops of the three major ASX mining shares — BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO), and Fortescue Metals Group Limited (ASX: FMG) — during the recent market sell-off.

Based on current valuation and potential dividend yields, Citi recommends BHP and Rio Tinto as buys. It rates Fortescue a hold.

The analysts say more stimulus in China and a weaker Australian dollar are great news for the miners. When the dollar is weak, the cost to export iron ore goes down.

The post Is the iron ore price entering a bear market? appeared first on The Motley Fool Australia.

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More reading

• Why Appen, Credit Corp, Fortescue, and Santos shares are dropping
• Why did the BHP share price slump 6% in July when the ASX 200 leapt higher?
• Why is the Fortescue share price sliding on Tuesday?
• What brokers are saying about the Fortescue share price in August
• Guess which 2 ASX 200 shares have some of the highest dividend yields right now

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited and Fortescue Metals Group 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 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 Scott Phillips.

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The Sayona Mining Ltd (ASX: SYA) share price was well into the green in July, finishing 33.33% higher over the month.

Meanwhile, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) finished flat as global commodities continued to realise a deep pullback.

Strong July for Sayona

Sayona shares gained 35% in the second last week of July on no news.

Investors rallied Sayona alongside other ASX lithium shares whilst the price of lithium carbonate remained buoyant.

In fact, while there’s been a sharp downturn in the price of most commodities since March, lithium has held form and now trades at $100,331 per tonne, in line with its 2022 average.

This was a bullish factor for the Sayona share price according to a recent analysis.

Sayona share price vs the benchmark

The mining benchmark has reversed course and pared 2022’s gains. It approached 52-week lows in July but managed to claw back some on the roll into August.

Sayona and the mining index have tracked each other closely since May. The difference is that Sayona bounced from its low earlier, and with more force, than the benchmark over June and July, as seen below.

On 29 July, Sayona released its quarterly activities and cash flow report.

The lithium miner reported “significant advances towards the recommencement of spodumene (lithium) production at the Company’s North American Lithium (NAL) operation in Québec, Canada”.

In the past 12 months, the Sayona share price has held a 125% gain.

At the market close on Tuesday, Sayona shares were 18 cents, 28.5% higher this year to date.

The post Up 33% in July, why did the Sayona share price have such a stellar month? appeared first on The Motley Fool Australia.

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• Is ASX lithium company Sayona Mining profitable?
• Why is the Sayona Mining share price up 35% this week?
• Sayona shares sail 8% ahead amid government’s call to secure energy supply
• Why is the Sayona Mining share price tumbling 6% today?
• How did the Sayona Mining share price perform in FY22?

Motley Fool contributor Zach Bristow 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 Scott Phillips.

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After spending most of the trading day deep in red territory, the All Ordinaries Index (ASX: XAO) closed 0.05% higher on Tuesday. However, it was not such a happy ending for the Openpay Group Ltd (ASX: OPY) share price.

Openpay shares also spent much of the day in the red, finishing 3.13% lower at 31 cents a share. The ASX buy now, pay later (BNPL) share dropped as low as 28 cents a share earlier in the day. All up, it means Openpay shares have now lost a painful 40% since hitting 52 cents a share last Friday.

But rather perplexingly, the Openpay share price still remains up by close to 24% over the past five trading days. That’s even after the big falls we have seen since Friday.

This is largely thanks to the massive near-50% move we saw last Thursday. Indeed, between Monday and Thursday last week, the Openpay share price more than doubled from 24 cents to 50 cents.

The jaw-dropping share price move we saw on Thursday seemed to have been sparked by the release of Openpay’s quarterly update. This covered the three months to 30 June 2022.

As we covered at the time, the BNPL company reported a pleasing 50% increase in the number of active plans to 1.8 million for the quarter over the prior corresponding period. Active customers also rose by 21% to 321,000.

Total value transaction was also up significantly, rising by 54% to $97.6 million. Revenues also came in strong, with Openpay recording a record $8.5 million, up 80% over the prior period.

Why has the Openpay share price tanked 40% in three days?

So obviously investors were driven into a frenzy with these numbers. But it seems that many have since had a rethink. Openpay has not given any additional news or updates to investors since this report. So ‘cold feet’ is the most likely explanation for Openpay’s more recent share price woes.

Despite the massive share price movements we saw last week, Openpay shares remain down by almost 60% in 2022 thus far. At its current share price, this ASX BNPL share has a market capitalisation of just over $48 million.

The post The Openpay share price has cratered 40% in 3 days. What’s going on? appeared first on The Motley Fool Australia.

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• Guess which ASX All Ordinaries share has rocketed 40% in 2 days?
• These 3 ASX All Ordinaries shares hit new 52-week highs on Monday
• Why is the Bubs share price smashing the All Ordinaries today?
• Openpay share price explodes 33% on ‘record-breaking quarter’
• Why is the Openpay share price up 55% in a week?

Motley Fool contributor Sebastian Bowen 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 Scott Phillips.

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While the S&P/ASX 200 Index (ASX: XJO) is heading south today, this isn’t the case for the Eagers Automotive Ltd (ASX: APE) share price.

This comes after the company announced another sizeable share purchase from one of its directors.

During mid-afternoon trade, the automotive retailer’s shares are swapping hands at $12.58, up 2.11%.

For context, the benchmark ASX 200 index is trading at 6,963.4 points, down 0.42%.

Eagers Automotive insider buying action continues

Despite the Eagers Automotive share price surging 26% in a month, the company’s non-executive director, Nick Politis is continuing to increase his holdings.

According to its release, Eagers Automotive advised that Politis has bought another 10,000 shares at a price of $12.41 apiece. This was conducted through via an on-market trade through his subsidiaries, W F M Motors and NGP Investments.

While the latest transaction equates to the value of around $124,000, Politis spent more than $1.5 million last month.

This means that Politis now has over 70.36 million Eagers Automotive shares and is its largest shareholder by some margin.

Last month, the company received the green light to acquire the rich lister’s privately-owned dealerships in the Australian Capital Territory.

The $193 million deal is expected to generate $450 million in annual revenue for Eagers Automotive.

It is worth nothing that since hitting a 52-week low of $8.65 on 17 June, shares in the company have risen by 45%.

Eagers Automotive share price recap

Although the Eagers Automotive share price has been in fine form lately, it’s down 21% over the last 12 months.

Year to date has fared slightly better, a 6% loss for the period.

Based on today’s price, Eagers Automotive presides a market capitalisation of approximately $3.17 billion.

The post This ASX 200 director bought $1.5 million worth of his company’s shares in July…and he’s still buying appeared first on The Motley Fool Australia.

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• Guess which ASX 200 share this billionaire has been topping up on
• Here are the top 10 ASX shares today
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• Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack

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 Scott Phillips.

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The Novonix Ltd (ASX: NVX) share price is dragging on the tech sector on Tuesday despite the company’s silence.

At the time of writing, the Novonix share price is $2.455, 4.47% lower than its previous close.

That makes it the S&P/ASX 200 Information Technology Index (ASX: XIJ)’s worst performer. The sector is currently recording a 0.72% gain while the S&P/ASX 200 Index (ASX: XJO) is lifting 0.09%.

So, what might be weighing on the ASX 200 battery technology and materials stock today? Let’s take a look.

What’s weighing on the Novonix share price?

The Novonix share price is defying its sector’s gains on Tuesday to tumble lower.

Interestingly, there’s been no word from the company to explain investors’ apparent shifting sentiment. Though, it’s worth noting today marks the second consecutive day in which the stock has plummeted.

Shares in Novonix fell 9% yesterday after posting an 11% gain over the course of last week. Thus, its latest slip may represent extended profit taking.

It’s also worth noting the company was mentioned in Phillips 66’s latest quarterly report, released after the market closed on Friday. The New York-listed company snapped up a 16% stake in Novonix in August 2021.

Sadly, that holding’s value fell by US$240 million over the three months ended June 2022 and US$398 million over the first six months of this year.

But Novonix isn’t alone in the red today. Many of its fellow battery-focused stocks are also suffering.

Lithium and boron producer Allkem Ltd (ASX: AKE) is the worst performing S&P/ASX 200 Materials Index (ASX: XMJ) share right now, recording a 4.75% tumble.

Meanwhile, lithium shares Core Lithium Ltd (ASX: CXO) and Lake Resources N.L. (ASX: LKE) are down 3.4% and 3% respectively.

The Novonix share price is now 77% lower than it was at the start of 2022. It has also fallen 14% since this time last year.

The post Why is the Novonix share price sliding on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why did the Novonix share price just soar 13%?
• Why Block, Iluka, Nitro, and Novonix shares are dropping today
• Powering down: Novonix share price slumps following quarterly results
• After gaining 27% last week, the Novonix share price is struggling this week. What gives?

Motley Fool contributor Brooke Cooper 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 Scott Phillips.

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The Santos Ltd (ASX: STO) share price is in the red today on the back of falling oil prices.

The company’s share price is down 1.83% and is currently trading at $7.245. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is down 0.92%.

So what’s going on with the Santos share price?

Oil prices slide

Santos shares may be falling today, but it is not the only oil and gas producer struggling. The Woodside Energy Group Ltd (ASX: WDS) share price is 0.64% lower while Beach Energy Ltd (ASX: BPT) is down 1.1%.

Brent crude oil is down 0.78% to US$99.25 a barrel, while the price of West Texas Intermediate oil is falling 0.71% to US$93.22, Bloomberg data shows.

Oil prices are dropping amid a weaker demand outlook and recession fears, Reuters reported. OANDA senior market analyst Edward Moya said (cited by Reuters):

Crude prices tumbled after a wealth of factory activity data suggested the world is headed towards a giant global economic contraction, and on expectations for more oil output following a very good earnings season for oil companies

Natural gas prices are also down 1.61% to US$8.15 MMBtu, according to Bloomberg.

Meanwhile, Morgans has named Santos as one of three shares to buy in August, my Foolish colleague James reported yesterday. This is due to its “diversified earnings base” and the resilience of its growth profile, the broker says.

Analysts have placed a $9.30 price target on the company’s share price. This is 28% more than its price at the time of writing.

In financial results released in late July, Santos reported record first-half sales revenue of US$3.8 billion.

Share price snapshot

The Santos share price has jumped almost 12% in a year and gained around 15% year to date.

For perspective, the ASX 200 energy index has soared 30% in a year and 31% year to date.

Santos has a market capitalisation of about $24 billion based on the current share price.

The post Why is the Santos share price lagging the ASX 200 on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Why Appen, Credit Corp, Fortescue, and Santos shares are dropping
• 5 things to watch on the ASX 200 on Tuesday
• ‘Alarming’: ASX 200 energy shares lift despite increasing government pressure over supply outlook
• Morgans name 3 of the best ASX shares to buy in August
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Monica O’Shea 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 Scott Phillips.

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While it might feel like 2022 has been a horror year for ASX stock market investors, reality is the benchmark S&P/ASX 200 Index (ASX: XJO) is only down around 8% since the start of the year.

Rack that up to some impressive gains in commodity stocks — predominantly coal, lithium, and oil — fuelled by a heady combination of energy shortages, the ongoing war in Ukraine, and the ongoing demand for electric cars.

For coal, leading the way among the ASX 200 blue chips is the Whitehaven Coal Ltd (ASX: WHC) share price, up an impressive 130% so far in 2022 as coal prices set a new record during the June quarter.

Whitehaven sports a market cap of $6 billion and expects to report a full-year EBITDA of $3 billion. Astonishingly, it generated $1.4 billion of cash in the June quarter alone. Coupled with its net cash position of $1 billion, shareholders can look forward to a bumper franked dividend.

Trading on an FY23 forecast dividend yield of 19% and two times EBITDA, the Whitehaven Coal share price is demonstrably cheap, clearly one of the cheapest stocks trading on the ASX 200.

But is the Whitehaven Coal share price a buy?

In its June 2022 fact sheet, the top performing Lazard Select Australian Equity Fund said even with “normalised long-term coal price assumptions,” Whitehaven Coal is still looking relatively attractive.

“We believe shareholders are going to be increasingly rewarded with higher dividend payments and share buybacks in the near term,” the fund manager said.

According to ANZ Share Investing, Citi remains confident on Whitehaven shares, recently raising its 12-month share price target by 60% to $7.85. This compares favourably with the current Whitehaven Coal share price of $6.34.

On the flip side, Paradice Investment Management’s Tom Richardson is more circumspect, recently saying on Livewire he’s “worried this is as good as it gets” for Whitehaven Coal. He rates the stock as a hold.

The post Clearly this is one of the cheapest ASX 200 stocks appeared first on The Motley Fool Australia.

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More reading

• Why did the Whitehaven share price surge 28% in July?
• Here are the top 10 ASX 200 shares today
• How long can ASX coal shares keep this rally up?
• Why is Whitehaven share price climbing 5% today?
• Morgan Stanley tips 30% upside for the Whitehaven share price. Here’s why

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Bruce Jackson 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 Scott Phillips.

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The Reserve Bank of Australia (RBA) has increased the cash target rate by 0.50%. That brings Australia’s official interest rate to 1.85%.

The RBA board also increased the interest rate on Exchange Settlement balances by 0.50% to 1.75%.

With the market having broadly priced in today’s rate hike, with some investors having braced for a steeper increase, S&P/ASX 200 Index (ASX: XJO) shares jumped 0.30% higher immediately following the RBA announcement at 2:30pm AEST.

In later afternoon trading, the ASX 200 is up 0.50% since the announcement.

Four consecutive months of tightening

This marks the fourth month in a row of interest rate hikes from the central bank.

In May, the RBA raised the cash rate for the first time in a decade. The central bank boosted rates from the then all-time low of 0.10% to 0.35%. June saw another 0.50% increase as did July, leaving the rate at 1.35% as of this morning before the latest 0.50% increase.

The latest rise was brought forth to combat inflation currently sitting at 6.1% and expected to rise to around 8% by year end before beginning to decline.

What did the RBA say about the latest interest rate hike?

The RBA board reiterated the central bank’s priority of focusing on getting inflation back down into its 2% to 3% target range “over time”. It flagged the importance of “keeping the economy on an even keel” during this process.

Doing so, the bank said, will require a delicate approach.

According to RBA Governor Philip Lowe:

The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments. The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most countries, Russia’s invasion of Ukraine and the COVID containment measures in China.

As for the 6.1% headline inflation figure, the highest rate of price increases witnessed down under since the early 1990s, the RBA expects this to peak by the end of 2022.

Looking ahead, the bank expects CPI inflation of approximately 7.75% over 2022, “a little above” 4% over 2023 and around 3% over 2024.

Lowe expects the Aussie economy to keep growing strongly this year before the pace of that growth slows.

The bank is forecasting GDP to grow by 3.25% in 2022 and 1.75% in 2023 and 2024.

Tight labour markets and some uncertainty ahead

In raising interest rates, the RBA also pointed to the strength of the labour market, with June’s 3.5% unemployment rate the lowest in almost 50 years.

Looking ahead, the bank forecast unemployment of some 4% by the end of 2024. It added that wages are likely to increase “from the low rates of recent years as firms compete for staff in the tight labour market”.

The central bank said the behaviour of household spending remained “a key source of uncertainty”.

According to Lowe:

Higher inflation and higher interest rates are putting pressure on household budgets. Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years. Working in the other direction, people are finding jobs and obtaining more hours of work. Many households have also built up large financial buffers and the saving rate remains higher than it was before the pandemic.

What’s next for RBA interest rate moves?

ASX 200 investors and Aussie borrowers and lenders can likely expect further interest rate hikes from the RBA ahead.

Lowe said that the board “expects to take further steps in the process of normalising monetary conditions over the months ahead”.

However, he stressed the bank is not on a pre-set path.

“The size and timing of future interest rate increases will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market,” Lowe said.

The post ASX 200 jumps higher as RBA lifts interest rates by another 0.50% appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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 Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back and is edging slightly higher. At the time of writing, the benchmark index is up to 6,994.9 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price was up 7% to $4.85 before being placed into a trading halt. This follows speculation that the US Food and Drug Administration has granted the company approval to sell infant formula within the United States of America. A2 Milk is preparing an announcement that responds to the speculation.

Qualitas Ltd (ASX: QAL)

The Qualitas share price has stormed higher again and is up 14% to $2.30. Investors have been buying this alternative real estate investment manager’s shares since it secured commitments for a mandate to invest $700 million on behalf of a new fully discretionary investment vehicle of the Abu Dhabi Investment Authority. The gains may not stop there, though. This morning Goldman Sachs reiterated its buy rating and lifted its price target to $3.20.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is up 4% to $7.41. This morning the biopharmaceutical company announced pleasing regulatory progress for its core prostate and kidney cancer imaging programs in the Asia Pacific operating region. This includes progress in the major market of China with its strategic partner Grand Pharmaceutical Group.

Ventia Services Group Ltd (ASX: VNT)

The Ventia share price is up 5% to $2.83. This morning the essential infrastructure services provider revealed that it has been awarded a major road maintenance contract by Auckland Transport. Management notes that the five-year contract has an expected base contract value of NZ$220 million. The agreement also has a five-year extension option.

The post Why A2 Milk, Qualitas, Telix, and Ventia shares are pushing higher today appeared first on The Motley Fool Australia.

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More reading

• Here’s why the A2 Milk share price just popped then stopped
• Guess which ASX All Ordinaries share has rocketed 40% in 2 days?
• Why Core Lithium, Deterra, Panoramic, and Qualitas shares are racing higher
• Why is the Qualitas share price rocketing 23% on Monday?
• Own A2 Milk shares? Here’s what to expect from its FY22 results

Motley Fool contributor James Mickleboro has positions in TELIXPHARM DEF SET. 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 A2 Milk. 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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