In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing the benchmark index is up 0.25% to 5,832.9 points.
Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:
The Amaysim Australia Ltd (ASX: AYS) share price has jumped 11% to 35.5 cents. This follows media speculation that the telco company is about to offload its energy business. Amaysim responded to the speculation by confirming that it engaged Luminis Partners some time ago to assist the board with considering options to unlock shareholder value. This includes looking at options for the energy business. However, it stopped short of confirming that a deal is close to being done.
The Bingo Industries Ltd (ASX: BIN) share price has surged 6% higher to $2.68. The catalyst for this strong gain appears to be a broker note out of Citi on Monday. Its analysts upgraded Bingo’s shares to a buy rating with a $3.10 price target. Citi believes concerns over a market share war are unnecessary and appears positive on margin improvements over the long term.
The Brickworks Limited (ASX: BKW) share price has risen 2.5% to $16.03. This follows the release of a trading update this morning by the building products company. For the four months ending 31 May, its BP Australia sales were down 10% on the prior corresponding period. BP North America sales were up 26% (due to acquisitions) and down 30% on a like for like basis. Some investors may have been expecting worse.
The BlueScope Steel Limited (ASX: BSL) share price has stormed 5% higher to $11.76. Investors have been buying the steel producer’s shares after analysts at Ord Minnett reiterated their accumulate rating and $11.90 price target. According to the note, the broker feels that now could be a good time to invest. It believes the worst is behind the company.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. 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.