Tag: Motley Fool

If you’re wanting to pick up some ASX growth shares, then you may want to consider the two listed below.

Both of these growth shares have been tipped as buys with meaningful upside potential. Here’s what you need to know about them:

Corporate Travel Management Ltd (ASX: CTD)

Morgans is feeling very bullish on this ASX growth share right now.

In fact, the broker has named it as its top pick in the travel sector and tipped it as a great buy and hold option.

This is due to Morgans’ belief that the company is well-placed for growth over the medium term thanks to acquisitions, its lower cost base, and technology development.

Its analysts explained:

For investors that can take a medium-term view, we see substantial upside in its share price as the company recovers from the COVID-affected travel downturn. In fact, CTD should be a materially larger business post COVID given it has made two highly accretive acquisitions during the downturn. The company has also won a lot of new business, implemented structural cost-out opportunities and continued to develop its market-leading technology offering which means it will require less staff in the future.

Morgans has an add rating and $25.65 price target on its shares.

TechnologyOne Ltd (ASX: TNE)

Another ASX growth share that brokers are bullish on is TechnologyOne.

It is a leading enterprise software company serving government, local government, and private sector customers.

TechnologyOne appears well-placed for growth over the next decade thanks to its shift to a software as a service (SaaS) business model. This is underpinning higher quality and higher margin revenues, which Bell Potter expects to support strong earnings growth.

The broker explained:

The key competitive advantage of the company is it has developed a fully integrated SaaS solution of its software and is now switching customers to this solution. The migration is now around threequarters complete and Technology One is starting to reap the benefits of greater recurring revenue and a higher margin. This combination will in our view drive double digit earnings growth for years to come and, as the migration of customers approaches 100%, we expect the multiple to rerate to that of a pure SaaS company.

Bell Potter currently has a buy rating and $14.25 price target on TechnologyOne’s shares.

The post Brokers say these are the best ASX growth shares to buy now appeared first on The Motley Fool Australia.

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More reading

• These ASX shares turned $20,000 into $100,000 in 10 years
• Which are the best ASX 200 shares to buy now for 2023?
• Analysts name 2 excellent ASX 200 shares to buy now
• 3 ASX 200 directors buying up their company shares in the past week
• Goldman Sachs says these ASX travel shares are 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Corporate Travel Management Limited and TechnologyOne Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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There’s a big jump between this $6 S&P/ASX 200 Index (ASX: XJO) mining share and industry giant Fortescue Metals Group Limited (ASX: FMG) – a $58 billion one in fact.

But one fundie has reportedly tipped Champion Iron Ltd (ASX: CIA) to trade at valuations like those of mining goliaths Rio Tinto Limited (ASX: RIO) and Fortescue.

Right now, stock in the far smaller, $3.2 billion iron ore miner is trading for $6.17. And that could be just the tip of the iceberg.

Regal Funds portfolio manager and head of mining investments Tim Elliot believes it could double.

Let’s take a look at what the fundie likes about the comparatively tiny ASX 200 iron ore mining share.

Could this ASX 200 mining share be gearing up to double?

This year’s Sohn Hearts & Minds Investment Leaders Conference has officially kicked off, folks. And that means plenty of investment advice from some of the industry’s top investment gurus.

Joining the voices today is Elliot and his apparent favourite ASX 200 mining share, Champion Iron.

Champion Iron operates in Canada. It works to produce high-grade iron ore capable of creating green steel.

The fundie told the conference, via the Australian Financial Review, “it’s rare to find a multibillion-dollar miner and such tremendous value upside”, noting it trades at 3.9 times EBITDA based on 12-month forward consensus earnings. Elliot continues:  

It can double and that’s without assuming it rises 43% to trading in line with Fortescue and Rio which it absolutely should.

[Champion Iron is] the most under-appreciated and exciting play on decarbonisation that’s completely under the radar.

He is also said to have commended the company’s “visionary” management and flagged a positive outlook for iron ore and steel.

Elliot isn’t alone in expecting big things from the ASX 200 miner.

Goldman Sachs believes Champion Iron shares are a buy, slapping the stock with a $6.90 price target late last month. While not quite double, that does represent a potential 11% upside.

The post The $6 ASX 200 mining share that ‘absolutely should’ trade in line with Fortescue: fundie appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• 4 ASX 200 shares trading ex-dividend next week
• Here are the top 10 ASX 200 shares today
• Which ASX 200 mining shares managed to dig up gains in October?
• Could ASX 200 iron ore shares be heading for more pain?

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 Goldman Sachs. 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 NextDC Ltd (ASX: NXT) share price is ending the week on a positive note.

In afternoon trade, the data centre operator’s shares are up 3% to $9.59.

This compares favourably to the ASX 200 index, which is up 0.25% in late trade.

Why is the NextDC share price pushing higher?

Investors have been bidding the NextDC share price higher today after the company reiterated its guidance at its annual general meeting.

According to the release, FY 2023 has started positively and management continues to expect data centre services revenue of $340 million to $355 million. This will be a 17% to 22% increase year over year.

Management notes that its revenue growth has been assisted by current economic factors, with price escalation as well as power cost protection built into contracts and the majority of power costs being passed through.

In respect to earnings, the company has reiterated its guidance for underlying EBITDA of $190 million to $198 million. This will be a 12% to 17% increase from FY 2022.

Broker reaction

Goldman Sachs has responded well to the update and highlights that management spoke positively about its sales outlook. It commented:

NXT provided a tangible comment on the sales pipeline, noting that it is of a record size, and is expected to convert into material new contractual commitments into the next 6-12 months. We see this as clear positive statement, noting it is the first time NXT has been specific on the timing of material new contracts.

And while Goldman was confident that NextDC would achieve its guidance this year, it was pleased given recent commentary from other providers. It said:

NXT noted continued strong growth in enterprise, network and partner pipelines driving healthy margin, with revenue growth assisted through price escalation & power pass-through. Although we had seen limited risk to NXT guidance in FY23, we still view this as a positive, particularly given Infratil recently reduced CDC forward guidance on delayed customer ramp.

Goldman Sachs currently has a conviction buy rating and $14.30 price target on its shares.

The post Here’s why this ASX 200 tech share is smashing the market today appeared first on The Motley Fool Australia.

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More reading

• Why Arafura, Nanosonics, NextDC, and OZ Minerals shares are rising today
• 5 things to watch on the ASX 200 on Friday
• Analysts say these quality ASX growth shares can rise ~40%
• 2 big name ASX companies ready for a ‘share price recovery’: experts
• ‘Close to bottom’: Expert names 3 bargain ASX shares to buy right now

Motley Fool contributor James Mickleboro has positions in NEXTDC 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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Commonwealth Bank of Australia (ASX: CBA) shares have outperformed the S&P/ASX 200 Index (ASX: XJO) over the week.

In afternoon trade on Friday, CBA shares are up 1.3% over the five trading days, while the ASX 200 is down 0.2%.

Here’s what’s been putting the ASX bank share in our spotlight this week.

Profits up 2% in first quarter

Tuesday saw CBA shares post their biggest gains of the week, closing up 1.3%.

That came as investors digested the bank’s first-quarter update for the three months ending 30 September.

Highlights included income of approximately $6.6 billion. That was up 9% compared to the second-half average.

CBA’s shares likely also got a boost from the 2% increase in cash net profit after tax, which reached $2.5 billion over the quarter.

CommBank has been one of the ASX 200 stocks to receive some tailwinds from rising interest rates. This helped the bank increase its margins and saw a 16% lift in net interest income growth.

On the other side of the ledger, expenses, excluding remediation, were up 4.5% as well.

CBA’s CEO Matt Comyn pointed to the strength of the bank’s balance sheet and had a fairly bullish take on the outlook for the Aussie economy.

“The economy has shown resilience in the face of growing cost of living and interest-rate pressures, and despite these near-term challenges, we remain optimistic on the medium to long-term outlook,” Comyn said.

Are CBA shares overvalued?

CommBank also hit The Motley Fool headlines over the week as analysts debated whether CBA shares are worth their premium to the other big bank stocks.

CBA trades on a trailing price-to-earnings (P/E) ratio of just over 19 times. That’s significantly higher than its peers.

While not all analysts agree, those at Perennial Value Australian Shares Trust said the fund is underweight on CBA shares due to the bank’s “unjustifiable valuation premium”.

Goldman Sachs is also uncomfortable with CommBank’s current valuation based on its forward P/E ratio. The broker cited that Australia’s biggest bank, while a strong business, faces stiff competition and some trying economic times ahead.

Goldman said it does “not believe its fundamentals justify the 51% 12-mo fwd PER premium it is currently trading on versus peers, compared to the 20% historic average”.

Following Tuesday’s first-quarter update, Goldman has a moderately improved target price of $90.98 for CBA shares. That’s some 14% below the current price of $105.91 per share.

The post What’s happening with CBA shares this week? appeared first on The Motley Fool Australia.

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More reading

• I’d use the Warren Buffett method to create a ‘best ASX shares to buy now’ list
• 3 key things I look for when buying ASX dividend shares
• 5 of the craziest things making news on the ASX this week
• Which stocks are in the Vanguard Australian Shares Index ETF (VAS) right now?
• Why Aristocrat, CBA, Core Lithium, and GrainCorp shares are dropping today

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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The BHP Group Ltd (ASX: BHP) share price is rising after the ASX mining share revealed that a higher (and final) offer to buy OZ Minerals Limited (ASX: OZL) had been accepted at a price of $28.25 per share.

This higher offer represented a 13% increase to the original offer price of $25 per share. It was a 49.3% premium to the closing price on 5 August 2022, the day before the first takeover bid was announced.

BHP will now carry out due diligence and negotiate a binding takeover offer. But, the OZ Minerals board has already said it is likely to unanimously recommend the deal.

The BHP share price is currently up 0.46% to $44, while the OZ Minerals share price is soaring 3.99% to $27.35.

Benefits of the deal

BHP noted three key benefits for the ASX mining share.

The acquisition will add copper and nickel resources that are “essential to support the global megatrends of decarbonisation and electrification”.

This aligns with BHP’s strategy to “deliver long-term value and returns through owning a portfolio of world-class assets with exposure to highly attractive commodities that benefit from global mega-trends”.

Another benefit is the “attractive synergies” that can be created because some of OZ Minerals’ projects are close to BHP’s. This can create “operational synergies”.

BHP also pointed to “growth options”. The company noted:

OZ Minerals brings attractive brownfield copper expansion projects at Prominent Hill and Carrapateena in South Australia. The West Musgrave project will add a large greenfield nickel option to BHP’s Nickel West premier nickel sulphide resource position in Western Australia.

My opinion on the prospects for the BHP share price

Assuming BHP has made the numbers stack up, it seems like a smart deal to pursue. Copper and nickel are likely to be needed in large quantities in the future as electrification occurs throughout society in vehicles, power distribution, and energy generation.

The BHP share price has been volatile in recent months. It’s down 6% in the past six months, yet it’s up 11% over the last month.

I think things are looking promising for a number of its commodities.

I’ve already mentioned nickel and copper. Coal continues to generate good earnings for the company. The iron ore price could get a boost if China continues to ease its COVID-19 restrictions and keeps supporting the real estate sector. Potash, a supposedly green form of fertiliser, could be another strong earnings pillar for the business in future years.

In the short term, earnings and the BHP share price will be heavily influenced by which way resource prices are going.

But, I like the moves the business is making, and I think it’s setting up ongoing long-term success in terms of cash flow generation, though volatility should be expected.

According to the estimates on Commsec, BHP is expected to pay a grossed-up dividend yield of 8.6% in FY24 and 10% in FY23 (the current financial year).

I believe the ASX mining share is at good enough value to want to buy shares for the long term.

The post Are BHP shares in the buy zone following the latest OZ Minerals news? appeared first on The Motley Fool Australia.

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More reading

• Why Arafura, Nanosonics, NextDC, and OZ Minerals shares are rising today
• Why is the OZ Minerals share price racing higher on Friday?
• OZ Minerals share price on watch after accepting BHP’s $28.25 per share takeover offer
• Is a weak US dollar good for ASX 200 mining shares?
• Which stocks are in the Vanguard Australian Shares Index ETF (VAS) right now?

Motley Fool contributor Tristan Harrison 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 S&P/ASX 200 Index (ASX: XJO) is ending the week on a positive note. In afternoon trade, the benchmark index is up 0.4% to 7,165.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down 3% to $5.96. This morning, the infant formula company released an update at its annual general meeting. While A2 Milk expects currency tailwinds to lead to stronger revenue growth in FY 2023, it now expects its EBITDA margin to be flat. This compares to previous guidance for a modest improvement.

Cettire Ltd (ASX: CTT)

The Cettire share price has sunk 14% to $1.44. This follows news that the company’s CEO has sold down his holding. The online luxury products retailer’s CEO, Dean Mintz, sold 41 million shares at a 13% discount of $1.46 per share. This equates to a total consideration of approximately $60 million.

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is down over 6% to $1.91. The catalyst for this has been the coal miner’s shares trading ex-dividend on Friday morning. At the end of last month, Coronado declared a special dividend of 13.4 US cents per share. This equates to approximately 20 Australian cents per share. Coronado will be paying this dividend on 12 December.

Perpetual Limited (ASX: PPT)

The Perpetual share price is down a further 2.5% to $26.92. Investors have been selling this fund manager’s shares after the courts pressured it to complete its acquisition of Pendal Group Ltd (ASX: PDL). This effectively rules out its own takeover by private equity. Analysts at Credit Suisse now expect the merger to complete and have downgraded its shares to a neutral rating with a reduced price target of $27.50.

The post Why A2 Milk, Cettire, Coronado, and Perpetual shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is this ASX 200 coal share crashing 9% today?
• Guess which All Ords insider is selling a whopping $60m worth of their company’s shares
• A2 Milk share price tumbles on trading update and chair exit
• 5 things to watch on the ASX 200 on Friday
• Why did the Perpetual share price just plummet 14%?

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 recommended A2 Milk and Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) looks like it is on track to end the trading week on a high, building on yesterday’s gains. So far this Friday, the ASX 200 has added another 0.4%, putting it back above the 7,160-point mark

But time now to dig deeper into these gains. So let’s take a look at the ASX 200 shares currently at the top of the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Whitehaven Coal Ltd (ASX: WHC)

Our first share up this Friday is the ASX 200 coal miner Whitehaven. So far today, a hefty 21.51 million Whitehaven shares have been dug up and sold. There’s been no new news or announcements from the company that could explain this high volume.

However, the Whitehaven share price itself has been rather indecisive today. At present, the ASX coal share is up a healthy 1.96% at $8.32 a share. But we’ve seen some big rises and falls over the trading day so far.

It’s probably this bouncing around that has given Whitehaven the kinds of volume figures we are seeing.

Pilbara Minerals Ltd (ASX: PLS)

Next up is the ASX 200 lithium giant Pilbara Minerals. This Friday has had a sizeable 23.4 million Pilbara shares trade hands as it currently stands. There hasn’t been much out of Pilbara today either.

Saying that, the company did hold its annual general meeting yesterday, which caused quite a stir when the company announced that it is looking to pay out its maiden dividend next year.

Investors don’t seem too impressed though, with Pilbara losing steam yesterday and shedding 2.2% so far today. It’s probably the size of this drop that is eliciting the elevated volumes we are seeing.

Sayona Mining Ltd (ASX: SYA)

Our third, final and most traded ASX 200 share of the day thus far is another lithium stock in the form of Sayona Mining. A whopping 59.33 million Sayona shares have been bought and sold on the share market as of the time of writing.

The Sayona share price has taken a battering today, with the company losing just over 3.5% at present, putting it at 22 cents a share. But the cause of these high volumes probably relates to the dump of new Sayona shares that hit the market this morning.

As my Fool colleague Brooke covered earlier, Sayona has issued 185 million new shares to fund its purchase of exploration claims in Canada’s Greenstone Belt. That’s more than enough to boost daily trading volumes. 

The post Here are the 3 most heavily traded ASX 200 shares on Friday appeared first on The Motley Fool Australia.

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More reading

• Why were 185 million new Sayona Mining shares just issued?
• Considering CSL shares? Broker says this other ASX 200 healthcare share has 30% upside
• Here is the Pilbara Minerals dividend forecast through to 2025
• Whitehaven share price: ‘incredibly expensive’ or ‘ridiculously cheap’?
• 5 of the craziest things making news on the ASX this 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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The NIB Holdings Limited (ASX: NHF) share price is outperforming all its peers on Friday after the company used its annual general meeting (AGM) to reveal a strong start to financial year 2023.

Headlining the growth, the insurer’s net profit after tax (NPAT) came in at $84.1 million for the first four months of the fiscal year – marking a 31.2% increase on that of the prior comparable period.

Right now, the NIB share price is $7.105, 2.97% higher than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.26% at the time of writing.

Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFO) has lifted 0.48%, with NIB coming in as the best-performing stock in the sector.

Let’s take a closer look at what’s helping to drive the health insurer’s stock on Friday.

NIB stock lifts on early FY23 growth

The NIB share price is outperforming on Friday on the back of a trading update for the first four months of financial year 2023.

Between July and October, the health insurer clocked up $940.4 million of premium revenue – a 4.7% year-on-year jump – and a $109.5 million underlying operating profit, marking a 16.3% increase.

Looking at its individual segments, its travel business’ gross written premiums soared 669% in that time to $70.8 million as sales lifted 381% to 257,320.

Meanwhile, the number of policyholders signed up to its Australian residents health insurance grew 4% over the 12 months ended October, and that of its New Zealand business lifted 5.1%.

However, its international inbound health insurance business’ policyholders slipped 0.3%.   

Finally, NIB noted its investment income has been volatile lately, but was strong in October. Its investment income is now $21.7 million year-to-date, helping bolster NPAT growth.

Looking to the future, the company is growing its Honeysuckle Health joint venture and looking for more acquisitions in the National Disability Insurance Scheme (NDIS) space.

NIB chair David Gordon commented at the company’s AGM:

The NDIS is a vital part of Australia’s social capital. It delivers services to more than half a million participants … Currently about 56% of participants use a plan manager, and this is forecast to grow to 60%-70% by 2030.

Earlier this month we completed our first acquisition, Maple Plan … We plan to buy a number of other plan managers and link the buyers and sellers here in the same way as we do in the healthcare sector.

NIB share price snapshot

Plenty of eyes have likely been on the NIB share price in recent times as its health insurance peer Medibank Private Ltd (ASX: MPL) became a headline mainstay amid a major cyberattack.

While the Medibank share price has tumbled 19% over the last 30 days, that of NIB has lifted 5%.

Though, NIB shares have slipped 3% year to date and are trading flat over the last 12 months.

That leaves them in better stead than the broader ASX 200. The index has fallen 6% year to date and 3% over the last 12 months.

The post NIB share price surges ahead as profits soar 31% appeared first on The Motley Fool Australia.

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More reading

• Movies and health: Fund loves 2 ASX shares that have gone nowhere till now
• Is the NIB share price benefitting from Medibank’s woes?
• Why Chalice Mining, Core Lithium, Corporate Travel Management, and NIB are rising

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 recommended NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s probably fair to say that most investors don’t associate CSL Ltd (ASX: CSL) shares with dividend income. After all, this is an ASX dividend share with a yield that rarely exceeds 1%.

But CSL actually has a strong and rather impressive history as an ASX dividend share. It paid out its maiden dividend back in 2013, forking out US$1.02 per share over the year.

Since then, CSL has been ratcheting up its annual dividend payments every single year. That includes the COVID-affected 2020.

That’s with the exception of 2022, which has seen CSL pay out the same US$1.22 per share that it did over 2021.  

Even so, this 8-year streak of annual pay rises is about as good a start as a dividend share can get.

But this leads us to our question of the day: how much dividend income will $20,000 worth of CSL shares buy for an ASX investor right now?

What kind of dividend income can one expect from CSL shares?

Well, at the current share price of $293.26 that CSL is asking today (at the time of writing), $20,000 would buy us 68 CSL shares, with some change left over.

So in 2022, CSL has paid out an interim dividend worth US$1.04 per share, and a final dividend worth US$1.18 per share. That was worth $1.4223 and $1.7583 in our local currency respectively. The final dividend came partially franked at 10%, while the interim dividend was unfranked.

So our 68 CSL shares would have yielded us a total of $96.76 when the interim dividend was paid out, and $119.56 for the final dividend. That’s a total of $216.32 for the year. So our $20,000 worth of CSL shares would result in a dividend income worth $216.32, or 1.08% of our cost base.

No doubt investors will appreciate this income in what has been a difficult period for CSL. The CSL share price remains down by 0.8% over 2022 thus far, and down 6% over the past 12 months. The company is still trading below its pre-COVID highs of almost $340 a share.

The post How much dividend income will $20,000 worth of CSL shares buy right now? appeared first on The Motley Fool Australia.

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More reading

• Considering CSL shares? Broker says this other ASX 200 healthcare share has 30% upside
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• Which stocks are in the Vanguard Australian Shares Index ETF (VAS) right now?
• How to have your ASX 200 dividend cake and eat it too
• Looking to buy CSL shares? Why this fundie is tipping ‘double-digit earnings growth’

Motley Fool contributor Sebastian Bowen has positions in CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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) is on course to record a gain. At the time of writing, the benchmark index is up 0.3% to 7,158.8 points.

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

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura share price has continued its sensational run and is up a further 13% to 46 cents. Investors have been buying this rare earths developer’s shares this week after it announced that the Mining Management Plan for its 100% owned Nolans Neodymium-Praseodymium (NdPr) project has been approved by the Northern Territory Government.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is up 2.5% to $4.63. This follows the release of the infection prevention company’s annual general meeting update. Nanosonics revealed that for the four months to 31 October, total revenue came in at $52.6 million. This is up 42% compared to the prior corresponding period and up 36% in constant currency.

NextDC Ltd (ASX: NXT)

The NextDC share price is up almost 3% to $9.57. Investors have also been buying this data centre operator’s shares following the release of an annual general meeting update. At the meeting, NextDC reaffirmed its FY 2023 guidance for revenue growth of 17% to 22% and EBITDA growth of 12% to 17%.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price is up 4% to $27.38. This has been driven by news that the company has accepted an improved takeover offer from mining giant BHP Group Ltd (ASX: BHP). The Big Australian has been granted due diligence access after increasing its non-binding offer from $25.00 per share to $28.25 per share. This “best and final” offer represents a 49.3% premium to where OZ Mineral’s shares were trading prior to the initial proposal.

The post Why Arafura, Nanosonics, NextDC, and OZ Minerals shares are rising today appeared first on The Motley Fool Australia.

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More reading

• Why is the OZ Minerals share price racing higher on Friday?
• OZ Minerals share price on watch after accepting BHP’s $28.25 per share takeover offer
• Is a weak US dollar good for ASX 200 mining shares?
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has positions in NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nanosonics Limited. The Motley Fool Australia has positions in and has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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