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Why these 4 ASX shares have pushed notably higher today

share price higher

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back strongly from yesterday’s heavy decline and is up 0.6% to 6,263.8 points in afternoon trade.

Four shares climbing more than most today are listed below. Here’s why they have pushed notably higher:

The Clean TeQ Holdings Limited (ASX: CLQ) share price has pushed 3% higher to 71 cents following the release of its June quarter update. The company used the update to remind the market that it recently completed the definitive feasibility study of its Sunrise Project in New South Wales. That study estimates that the project has a net present value of A$1.856 billion and a post-tax internal rate of return of 19.1%.

The Lynas Corporation Ltd (ASX: LYC) share price has surged 10% higher to $2.35 despite there being no news out of the rare earths producer. Today’s gain is likely to be attributable to a broker note out of UBS this morning. According to the note, the broker has reinstated coverage on Lynas with a buy rating and lofty $3.30 price target. UBS thinks that Lynas has the best global rare earth deposit in its portfolio.

The Megaport Ltd (ASX: MP1) share price has risen 3% to $3.91 following the release of a positive broker note out of Deutsche Bank. According to the note, the broker has initiated coverage on Megaport with a buy rating and $5.00 price target. Deutsche has also done the same with Superloop Ltd (ASX: SLC), but with a $2.80 price target. The broker expects both companies to benefit from the rise in data consumption brought about by the cloud computing boom.

The Redbubble Ltd (ASX: RBL) share price has zoomed 5% higher to $1.51 following the release of a trading update. According to the release, the company expects to report revenue of $182.8 million and gross profit of $63.9 million in FY 2018. This will be an increase of 29.7% and 27.5%, respectively, on last year’s result. Pleasingly, management expects revenue and profit growth to accelerate in FY 2019.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of REDBUBBLE FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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