Why BHP, Corporate Travel, Harvey Norman, & Nick Scali shares are pushing higher

BHP Group Ltd (ASX:BHP) and Nick Scali Limited (ASX:NCK) shares are two of four pushing higher on Thursday. Here's why they are on the rise…

| More on:

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

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back from yesterday's decline. At the time of writing the benchmark index is up 0.5% to 6,033.3 points.

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

The BHP Group Ltd (ASX: BHP) share price is up 3.5% to $39.31. Investors have been buying the mining giant's shares after a positive night of trade for some key commodity prices. Copper, oil, and iron ore prices all recorded gains overnight. According to CommSec, the spot iron ore price was up 45 U.S. cents or 0.4% to US$118.45 a tonne.

The Corporate Travel Management Ltd (ASX: CTD) share price has stormed 4.5% higher to $8.95. This could be in response to a broker note out of Morgans on Wednesday. Its analysts upgraded the travel company's shares to an add rating with a $12.85 price target. This was largely on valuation grounds, but also on the belief that corporate travel markets might be stronger than expected. Morgans' price target implies potential upside of over 43%.

The Harvey Norman Holdings Limited (ASX: HVN) share price is up over 5% to $3.94. This appears to have been driven by the release of a strong full year result by one of its furniture rivals (see below). This appears to indicate that demand for household goods is strong despite the pandemic.

The Nick Scali Limited (ASX: NCK) share price has rocketed 18% higher to $9.06. This follows the release of a very positive full year result from the furniture retailer. Although it posted a 2.1% decline in sales, Nick Scali managed to hold its profits steady at $42.1 million. Looking ahead, management is expecting a very strong first half. It is forecasting its first half profit "to be up by at least 50-60%" compared to the same period last year.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. 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 »