Why these 4 ASX shares are rising higher today

The Kogan.com Ltd (ASX:KGN) share price is one of four on the rise on Thursday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered from its morning declines and is flat at 6,243.6 points in afternoon trade.

Four shares that have pushed higher today are listed below. Here's why they are on the rise:

The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has climbed almost 8% higher to $1.81 after responding to media speculation. This morning the embattled asset manager advised that it is in discussions with Oaktree Capital Management in relation to a possible investment in Blue Sky's business. Management has warned that discussions are subject to negotiation and due diligence and there is no certainty they will result in a transaction.

The Fairfax Media Limited (ASX: FXJ) share price has surged 10% higher to 84.7 cents after agreeing to merge with fellow media company Nine Entertainment Co Holdings Ltd (ASX: NEC). Subject to approval, Nine will acquire Fairfax for a consideration of 93.9 cents per share in a mixture of shares and cash. This was a premium of almost 22% on the last close price of Fairfax shares. Nine's shares have sunk lower by almost 8.5% today.

The Kogan.com Ltd (ASX: KGN) share price has rebounded from a series of heavy declines with a 5.5% move higher to $5.48. Bargain hunters appear to be swooping in after the ecommerce company's shares fell 22% in the space of two days following the release of a trading update. One broker that felt this was a buying opportunity was UBS. Yesterday the broker named Kogan as a buy with a massive $9.55 price target.

The Newcrest Mining Limited (ASX: NCM) share price has raced almost 5% higher to $20.96 following the release of the gold miner's final quarter update. Investors appear to have responded positively to Newcrest's strong final quarter production at Lihir and Cadia. The latter looks to have moved past production issues caused by a collapsed tailings dam wall earlier this year.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. 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.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »