In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back strongly from yesterday’s surprise selloff. At the time of writing the benchmark index is up 1.35% to 5,894.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The BHP Group Ltd (ASX: BHP) share price is up almost 3% to $36.58. Investors have been buying the mining giant’s shares after analysts at Credit Suisse upgraded them. According to the note, the broker has upgraded BHP’s shares to an outperform rating and lifted its price target to $39.00. This follows a lift in its iron ore forecasts due to a more positive view on Chinese steel consumption.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has jumped 8% to $2.86. This morning the biopharmaceutical company released an update on a study of its Zilosul for the treatment of knee osteoarthritis. According to the release, additional data has shown that Zilosul reduced pain by an average of 47.3%. The Paradigm share price is now up over 25% since the start of the week.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has surged over 11% higher to $4.25. Investors have been fighting to get hold of the plumbing parts company’s shares after it revealed strong first quarter sales growth. Up to and including 25 September, Reliance revealed month to date Americas sales growth of 29%, APAC sales growth of 4%, and EMEA sales growth of 24%.
The SeaLink Travel Group Ltd (ASX: SLK) share price has stormed 6% higher to $5.88. The catalyst for this was the announcement of a five-year $1 billion contract win in Singapore. The Land Transport Authority of Singapore has awarded SeaLink’s Tower Transit business the PT217 contract to operate both the Bulim package and the Sembawang-Yishun package of public bus services in Singapore. Both start next year and have two-year extension options.
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 Reliance Worldwide Limited. The Motley Fool Australia has recommended Reliance Worldwide 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.