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Why Crown, Fortescue, Kogan, & Nearmap shares are storming higher

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing the benchmark index is up 1.9% to 6,036.8 points.

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

The Crown Resorts Ltd (ASX: CWN) share price is up 5.5% to $9.20. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has retained its buy rating and lifted the price target on this casino and resorts operator’s shares to $9.90. The broker believes its attractive valuation and balance sheet make it a buy, even with the Melbourne lockdowns.

The Fortescue Metals Group Limited (ASX: FMG) share price is up 2% to $18.21. Investors have been buying the iron ore producer’s shares after the price of the steel making ingredient surged higher overnight. According to CommSec, the benchmark iron ore price rose 4.4% to US$116.35 a tonne.

The Ltd (ASX: KGN) share price is storming higher again and up a further 3% to $18.82. The catalyst for this has of course been the announcement of lockdowns in Victoria. With most retailers being forced to close for six weeks in metropolitan Melbourne, more spending looks likely to go online. This bodes well for Kogan and its popular website.

The Nearmap Ltd (ASX: NEA) share price has jumped 5% to $2.40. The aerial imagery technology and location data company’s shares are storming notably higher after a very positive night of trade on the technology-focused Nasdaq index. It isn’t just Nearmap that is on the rise. The S&P/ASX 200 Information Technology index is up a sizeable 4% at the time of writing. One broker that thinks Nearmap is a buy is Citi. It currently has a buy rating and $2.60 price target on its shares.

These 3 stocks could be the next big movers in 2020

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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ltd and Nearmap Ltd. The Motley Fool Australia has recommended Crown Resorts Limited, ltd, and Nearmap 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.

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