The BHP Group Ltd (ASX: BHP) share price has soared 24% year to date but Macquarie analysts are tipping it could even go higher.

BHP shares are currently swapping hands at $51.28, a 1.29% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) has dropped 0.76% so far today.

Let’s check the outlook for BHP shares.

Could this share go even higher?

BHP shares could soar way beyond their current price, according to the team at Macquarie.

Analysts have placed an outperform rating on BHP with a $61 price target. That’s 19% more than the current share price.

Macquarie believes elevated iron ore and coal prices will underpin strong earnings, cash flow, and dividends in the coming years.

As my Foolish colleague James reported, analysts predict BHP could deliver bumper profits in the near term due to these high commodity prices. Especially given the quality and low costs of its operations across a range of commodities and geographies.

Further, Macquarie is predicting BHP could deliver generous dividends in the future. Analysts foresee a fully franked dividend of $5.22 per share in FY 2022 and about $3.61 in FY 2023.

However, my Foolish colleague Zach recently reported 52% of analysts are neutral on the BHP share price. Further, 32% of brokers rate it as a buy, while 16% of analysts suggest their clients sell BHP shares.

BHP share price snapshot

The BHP share price has jumped 12% in the past year, while it has climbed almost 3% in the past month.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 8% over the past year.

BHP has a market capitalisation of about $260 billion based on the current share price.

The post Why Macquarie says the BHP share price can gain another 19% appeared first on The Motley Fool Australia.

More reading

• 2 buy-rated ASX 200 dividend shares analysts are recommending
• What sent ASX mining shares flaming higher in March?
• What are the tailwinds behind BHP shares in April?
• Here’s why the performance of ASX 200 shares is smashing the S&P 500
• The BHP share price went up over 10% in March

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 Macquarie Group 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 Sayona Mining Ltd (ASX: SYA) share price is charging higher, up 8% at the time of writing.

Sayona shares opened this morning at 31 cents and are currently trading for 34 cents.

Investors are bidding up the ASX lithium and graphite explorer even as the All Ordinaries Index (ASX: XAO) slumps 0.8% while the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.6%.

So why is the Sayona share price outperforming?

Sayona share price up 155% in a month

Today’s rally is nothing new for Sayona shareholders.

With the intraday gains factored in, Sayona is up 155% since this time last month and an eye popping 715% over the past 12 months.

ASX investors are clearly interested, with almost 108 million shares traded today in 3,947 separate trades. That brings the value of Sayona shares traded so far today to more than $33.2 million, with more buyers than sellers driving up the Sayona share price close to its 4 April 10-year highs.

As the Motley Fool reported on 4 April, shares finished the day up 31% after “testing conducted by lithium-ion battery technology giant Novonix Ltd (ASX: NVX) confirmed the quality of the company’s spodumene product“.

The spodumene concentrate came from Sayona’s Authier Lithium Project in Canada. Sayona said the results showed its spodumene product performed as well as battery-grade lithium hydroxide.

With no fresh news from the company today, the Sayona share price looks to be enjoying continued strength from these results, along with recently upgraded resource estimates at its North American Lithium and Authier projects.

And that all comes as the world’s booming battery markets for electric vehicles and home storage is seeing lithium prices at historic levels.

The post How is the Sayona share price still soaring, even on a down day for the ASX? appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, IGO, Lynas, and Sayona shares are dropping
• Why is the Sayona (ASX:SYA) share price tumbling 9% today?
• Why is the Novonix (ASX:NVX) share price charging 6% higher?
• Why Allkem, Iluka, Pendal, and Sayona Mining shares are charging higher
• Here’s why the Sayona (ASX:SYA) share price is surging 34% on Monday

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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Allkem Ltd (ASX: AKE)

According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this lithium miner’s shares to $16.65. Morgans has lifted its revenue assumptions to reflect Allkem’s higher than expected lithium price guidance for the current quarter. Outside this, the broker likes Allkem due to its geographic and product diversification. The latter includes spodumene concentrate, lithium carbonate, and (very soon) lithium hydroxide from Naraha. The Allkem share price is trading at $13.19 on Wednesday.

Mineral Resources Limited (ASX: MIN)

A note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this mining and mining services company’s shares to $66.00. This follows news that the company will increase production from the Wodgina and Mt Marion lithium spodumene mines in response to unprecedented global customer demand for lithium products. This has led to Citi upgrading its earnings forecasts accordingly. The Mineral Resources share price is fetching $60.75 today.

REA Group Limited (ASX: REA)

Analysts at Morgan Stanley have retained their overweight rating and $178.00 price target on this property listings company’s shares. This follows news that rival Domain Holdings Australia Ltd (ASX: DHG) is acquiring campaign management technology platform provider Realbase. Morgan Stanley doesn’t believe it will have an immediate impact on REA and notes that the company has a stake in a similar business, Realtair. The REA share price is trading at $131.31 this afternoon.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Be as overweight ‘as you can possibly stomach’ in ASX shares right now: fundie
• 5 things to watch on the ASX 200 on Wednesday
• Is a bubble forming for ASX green metals shares?
• Mineral Resources share price leaps on ‘unprecedented’ lithium demand update
• 2 lithium ASX shares to buy in April 2022: experts

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro owns 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 REA Group 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 AMP Ltd (ASX: AMP) share price is tracking higher on Wednesday and is now trading at $1.01 apiece, up 3.59%.

That’s the first time AMP has surpassed the $1 mark since February, having eclipsed and retreated from that level three times in the past six months.

The last time the company’s share price was substantially above $1 a share was way back in November 2021 but it has barely averaged that price over the last year.

In fact, AMP shares have averaged a closing price of $1.0693 during the last 12 months of trade, according to Bloomberg trade data.

So it appears the $1 level is a key watermark for the AMP share price.

The question is, can the AMP share price break through and set off towards its former highs again? To answer, let’s take a look at how things might be different now.

Structural changes

The company’s restructuring efforts are set to inflect positively on its profitability measures like return on equity (ROE), analysts say.

Bloomberg Intelligence’s Matt Ingram and Jack Baxter wrote last week:

AMP’s extensive restructuring, which should be complete by June 30, may lift 2021’s 9% ROE and 64-basis point margin, particularly given AMP Capital’s below group 40-basis point result in 2021.

AMP said the bank’s margin would fall to 1.5% this year from 2021’s 1.62%, but we believe 2023 may be better — AMP’s guided cash-rate rise from as early as June may lift returns.

It needs to fix the Australian wealth management unit which returned just 5.4% in 2021, but capital reallocation to a higher-return business may boost ROE.

Growth projections are underlined by structural changes in the industry too, according to Credit Suisse analysts.

“Inflows continue to improve across the industry underpinned by structural growth in the demand for advice and a return of consumer confidence to the advice industry,” they said in a note to clients this week.

That’s helped AMP’s accounts as outflows have dampened substantially over the last few weeks, the broker remarked.

Big dividends, buybacks on the cards?

AMP’s balance sheet has contracted slightly over the last two years. However, its net loans account has grown by almost 6% whilst ‘other’ assets have climbed by 46%.

As a result of its capital budgeting initiatives throughout the year, AMP said it had total surplus capital (above requirements) of $381 million as at 31 December 2021.

A closer inspection of the numbers reveals AMP could support a large capital return to shareholders in 2022, Ingram and Baxter said.

“AMP could distribute A$400-$600 million in 2022, lifting dividend yield above 14% and smashing consensus’ 1.5 Australian cent dividend on better profit and up to A$350 million surplus capital,” they noted.

In fact, the pair reckon AMP’s surplus could “support a 2022 dividend payout of 50% and A$250-$350 million buyback while staying above regulatory requirements”. That’s above the internal benchmark of $813 million or higher.

The duo expects around $940-$990 million of capital outflows to be offset by $910 of inflows in 2022 which, they say, “may result in excess capital of over $350 million”.

At 0.75x P/B [price to book ratio], we think AMP’s most sensible capital management option is to return excess capital via buybacks. Higher shareholder distribution could add at least 100 bps [basis points] to AMP’s ROE and lift the dividend yield to a peer-topping 14%, including buyback. AMP placed a hiatus on dividends until the demerger of its private markets unit, which is expected to be completed by June 30.

Financials are roaring back

While the struggle to contain inflation remains a challenge, ASX financials have come back hard in 2022.

The S&P/ASX 200 Financials Index (ASX: XFJ) has begun sailing north once again with heavy inflows into the sector propping up names like AMP.

The AMP share price is still down 19% in the past 12 months despite clawing back marginal gains this year to date. However, during the past month, it up more than 11%.

As the wider sector continues to post gains, the spillover appears to be lifting the AMP share price as well. That’s welcomed, as it’s been difficult to catch a bite for AMP shareholders.

As TMF reported last month, “The firm’s full-year result certainly wasn’t enough to keep investors on board… as the board decided to withhold paying a dividend.”

“And while shares are still rangebound, zooming out, they are in the red on basically all major time frames.”

The post AMP share price hits $1 mark for first time since February: analysis appeared first on The Motley Fool Australia.

More reading

• Own AMP shares? Here’s how this ASX company did in March
• AMP (ASX:AMP) share price lower on asset sale news
• The AMP (ASX:AMP) share price gained on Friday, what happened?
• If you’d sank $10,000 into AMP (ASX:AMP) shares 10 years ago, this is what you’d be left with today
• How is the AMP (ASX:AMP) share price performing against the financial sector lately?

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 Bruce Jackson.

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The Magnis Energy Technologies Ltd (ASX: MNS) share price is suffering today despite the company’s silence.

Fortunately (or unfortunately), the vertically integrated lithium-ion battery company’s stock isn’t alone in the red on Wednesday.

At the time of writing, Magnis shares are trading for 49 cents, 5.77% lower than the previous close.

For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are down 0.73% and 0.68% respectively.

Let’s take a look at what’s going on with the share prices of Magnis and its ASX-listed peers today.

What’s going on with Magnis shares on Wednesday?

The Magnis share price is struggling alongside its peers in the materials sector today.

Right now, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.47%, with lithium explorer AVZ Minerals Ltd (ASX: AVZ) leading the fall.

Its share price has tumbled 6.1% on Wednesday.

The sector’s other major players include emerging battery metals producer Liontown Resources Limited (ASX: LTR), and explorer and developer of green metals Chalice Mining Ltd (ASX: CHN).

Their share prices have slipped 6% and 5.6%, respectively, at the time of writing.

Today’s dip sees the Magnis share price 14% lower than it was at the start of 2022. Though, it’s still 48% higher than it was this time last year.

The post Why is the Magnis share price tumbling 5% on Wednesday? appeared first on The Motley Fool Australia.

More reading

• Why is the Magnis (ASX:MNS) share price leaping 10% today?
• The Magnis (ASX:MNS) share price has lost 18% in a month, but there was some good news today

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 Bruce Jackson.

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The IGO Ltd (ASX: IGO) share price is in the red on Wednesday amid reports the company could increase its takeover bid for nickel producer, Western Areas Ltd (ASX: WSA) to up to $4 per share.

The acquisition appeared certain in December, but the surging Western Areas share price, likely boosted by the rising nickel price, put a dampener on IGO’s hopes yesterday.

At the time of writing, the IGO share price is trading at $14.42, 0.96% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.67% on Wednesday. Additionally, the company’s home sector, the S&P/ASX 200 Materials Index (ASX: XMJ), is down 1.62% right now.

Meanwhile, the Western Areas share price remains frozen. The freeze is understood to be due to an independent expert assessment of IGO’s takeover offer.

Let’s look at what’s going on with IGO’s stock on Wednesday.

Could IGO’s takeover bid be boosted to $4?

The IGO share price is in the red today amid rumours it’s prepared to up its takeover offer for Western Areas.

IGO’s offer to buy the nickel producer for $3.36 per share – valuing the company at $1,096 million – was recommended by the Western Areas board late last year.

However, the soaring price of nickel – driven by Russia’s invasion of Ukraine – has seemingly put the transaction in danger.

When the pair first announced IGO’s takeover offer, the Western Areas share price was trading around $3.24. As of Monday’s close, it was trading at $3.65 – 7.9% higher than the IGO offer price.

IGO commented on Western Area’s ongoing trading halt yesterday, saying:

IGO’s understanding of the primary reason for this trading halt is that the independent expert engaged by Western Areas has concluded … that the scheme is neither fair nor reasonable to Western Areas shareholders …

As previously stated, IGO’s valuation of Western Areas … [was] based on IGO’s long term view of the nickel market fundamentals and price. Despite recent volatility in the nickel price, IGO’s long term view on the nickel price has not materially changed.

After the market closed yesterday, The Australian reported the companies were back at the drawing board, with IGO refusing to push its offer price any higher than $4 per share.

IGO stated it was committed to chasing opportunities to add value for its shareholders. While assessing all options regarding the takeover, the company would remain disciplined.

IGO share price snapshot

Despite today’s slip, the IGO share price has been outperforming the broader market lately.

It is currently 21% higher than it was at the start of 2022 and has gained 122% since this time last year.

The post IGO share price slips amid latest takeover rumours appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, IGO, Lynas, and Sayona shares are dropping
• ASX 200 (ASX:XJO) midday update: IGO dealt blow, Block’s data breach, Xero jumps
• Why is the IGO (ASX:IGO) share price slipping today?
• 5 ASX mining shares rocking all-time highs on Friday
• Top brokers name 3 ASX shares to sell today

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 Bruce Jackson.

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Today has not been a good day for the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 has lost 0.79% and is back under 7,500 points. But the trading day has been a lot worse for a few ASX exchange-traded funds (ETFs) out there.

At least three ASX ETFs have reached new 52-week lows just today. So let’s check them out and see what they might have in common.

3 ASX exchange-traded funds hitting 52-week lows today

The first ASX exchange-traded fund hitting a new 52-week low today is the Vanguard Australian Fixed Interest Index ETF (ASX: VAF). This fund from popular provider Vanguard touched a low of $45.62 a unit today, which is getting quite far from its 52-week high of $51.44. VAF is a bond fund. It primarily holds investment-grade Australian government bonds, issued by both the federal and state governments, but also has some other fixed interest investments from corporations and local governments thrown in.

Another ETF to check out is the iShares Core Composite Cond ETF (ASX: IAF). This exchange-traded fund is very similar to VAF in nature. It also holds mostly Australian government bonds, with a similar mix of state, local and corporate bonds thrown in. IAF units have also hit a new 52-week low today. This ETF’s units hit $103.15 each this morning, again a ways away from this fund’s 52-week high of $115.31.

Finally, we have the BetaShares Australian Investment Grade Corporate Bond ETF (ASX: CRED). This fund is a little different to the above two, in that it only invests in corporate bonds rather than government bonds. This is designed to increase the yield available to investors, albeit without that ‘risk-free’ tag that comes with a Treasury. But unfortunately for investors CRED is our third ASX exchange-traded fund to hit a 52-week low today. This ETF touched $23.18 a unit earlier today, putting even more distance between its 52-week high of $27.61.

Why are bond ETFs being sold off?

So you might have noticed that these three exchange-traded funds are all fixed-interest or bond ETFs. This is not a coincidence then, it seems. Bonds typically rise in value when interest rates go down. That’s because their already-set yield becomes more attractive than newer bonds. But the opposite is also true when interest rates rise, and looks to be occurring today.

Fresh from the all-time low interest rates we have seen around the world, the US Federal Reserve raised its rate for the first time in years last month. Just yesterday, our own Reserve Bank of Australia (RBA) signalled that rates might be rising here sooner than it initially flagged.

Thus, it might come as no surprise that bond and fixed-interest ASX exchange-traded funds are currently being sold off.

The post 3 ASX exchange-traded funds slumping to 52-week lows today appeared first on The Motley Fool Australia.

More reading

• Is Newcrest Mining considered a defensive ASX share?
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Hoping to pocket the ARB Corporation dividend? Read this
• The EML share price jumped 25% in March 2022. What happened?
• 5 things to watch on the ASX 200 on Wednesday

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 Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. At the time of writing, the benchmark index is down 0.7% to 7,474.9 points.

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

Andromeda Metals Ltd (ASX: ADN)

The Andromeda Metals share price is down 36% to 11.2 cents. This follows the release of the definitive feasibility study (DFS) for the Great White Kaolin Project in South Australia. Management estimates that the project has a pre-tax net present value (NPV) of $613 million. Some investors appear to have been expecting a much larger kaolin project.

Block Inc (ASX: SQ2)

The Block share price is down 7% to $178.48. This follows an equally sharp decline for the payments giant’s shares on Wall Street last night. Investors were selling tech stocks amid fears that rate rises could slow economic growth. It isn’t just Block that is falling on Wednesday. The S&P/ASX All Technology index is down by 2.4% this afternoon.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is down 4% to 77 cents. This follows news that the uranium producer has completed a $200 million institutional placement. These funds were raised at an 8.9% discount of 72 cents per new share. Paladin Energy launched its capital raising to support the restart of the globally significant Langer Heinrich Mine.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 5% to $1.47. Investors have been selling this buy now pay later provider’s shares following weakness in the tech sector and a subdued response to its share purchase plan. In respect to the latter, Zip has raised an additional $24 million at $1.48 per new share. This was less than half the $50 million it was seeking from retail shareholders.

The post Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping appeared first on The Motley Fool Australia.

More reading

• Zip share price sinks following share purchase plan results
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Here’s why the Paladin Energy share price is sliding today
• ASX 200 (ASX:XJO) midday update: IGO dealt blow, Block’s data breach, Xero jumps
• Why are ASX tech shares having such a stellar day?

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 and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. 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 Woodside Petroleum Ltd (ASX: WPL) share price is edging lower today following a company announcement on its Scarborough Project.

At the time of writing, the energy company’s shares are fetching $33.57 each, down 1.06%.

By comparison, the S&P/ASX 200 Index (ASX: XJO) is also down 0.68% so far today to 7,476 points

Scarborough receives key primary approvals

Despite the company releasing a positive media statement, investors are sending the Woodside share price lower.

In its release, Woodside advised it had received approvals to progress its joint venture US$12 billion Scarborough and Pluto Train 2 developments

The key primary approvals were granted from the Commonwealth-Western Australian Joint Authority to support the execution of the Scarborough Project.

This relates to an offer received for the licence to construct and operate the Scarborough pipeline in Commonwealth waters.

In addition, approval was also given for the Scarborough Field Development Plan (FDP), enabling Woodside to commence petroleum recovery operations.

The company noted that these milestones follow final investment decisions made in November 2021 to approve Woodside’s US$6.9 billion stake.

First gas production for the Scarborough project is targeted for 2026 and is expected to produce eight million tonnes annually. The gas field will be connected through a 430-kilometre pipeline to the onshore Pluto gas plant for processing.

This will be one of the lowest carbon intensity sources of LNG delivered to customers in north Asia, the company says.

The Scarborough Joint Venture sees Woodside with 73.5% ownership and BHP Group Ltd (ASX: BHP) with the remaining 26.5% interest.

Woodside CEO Meg O’Neill commented:

Developing Scarborough delivers value for Woodside shareholders and significant long-term benefits locally and nationally, including thousands of jobs, taxation revenue and energy security here and abroad.

The Scarborough reservoir contains only 0.1% carbon dioxide, and Scarborough gas processed through the efficient and expanded Pluto LNG facility supports the decarbonisation goals of our customers in Asia.

Woodside share price summary

The Woodside share price is up almost 40% over the last 12 months and is more than 53% higher in 2022 so far.

The company’s shares have accelerated on the back of rising oil prices, fuelled by the war in Ukraine. This has led the Woodside share price to hit a fresh 52-week high of $34.60 last month.

Woodside has a price-to-earnings (P/E) ratio of 16.5 and commands a market capitalisation of roughly $33 billion.

The post Woodside share price dips despite project green light appeared first on The Motley Fool Australia.

More reading

• Why AGL, Alliance Aviation, Woodside, and Xero shares are charging higher
• These were the 5 best performing ASX hydrogen shares of the March quarter
• What sent ASX mining shares flaming higher in March?
• Gas is in hot demand. This is the ASX share I’d buy: expert
• What’s on the cards for the Woodside share price in April?

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.7% to 7,475.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher today:

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is up 1% to $105.30. Investors have been buying CBA and other big four banks today in response to comments out of the Reserve Bank of Australia on Tuesday. The central bank has indicated that it could raise the cash rate soon, which would be a boost to CBA’s interest income.

Kelsian Group Ltd (ASX: KLS)

The Kelsian share price is up 3% to $7.30. The catalyst for this appears to be a broker note out of Macquarie this morning. According to the note, the broker has upgraded the travel company’s shares to an outperform rating with an improved price target of $8.00. Kelsian recently changed its name from Sealink.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up over 6% to $1.14. Investors have been buying this medical device company’s shares following the release of its third quarter update. According to the release, PolyNovo delivered unaudited revenue of A$12.26 million during the three months. This represents a 59.3% increase on the revenue of A$7.69 million reported during the prior corresponding period. This was underpinned by strong growth in the US and ANZ regions.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 5.5% to $3.08. This morning the memory technology developer revealed that demo chips integrating its embedded Resistive Random-Access Memory (ReRAM) module have successfully completed their functional testing phase. Management notes that this is a key step towards delivering a commercial product.

The post Why CBA, Kelsian, PolyNovo, and Weebit Nano shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Weebit Nano share price jumps 8% on ReRAM update
• Why is the PolyNovo share price surging 13% higher today?
• Could the CBA share price be heading back under $100 this month?
• ASX 200 banks bounce bank in March. Here are the April forecasts from analysts

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 and has recommended POLYNOVO FPO. 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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