Why Lynas, Mesoblast, ResMed, & Service Stream shares are pushing higher

Mesoblast limited (ASX:MSB) and ResMed Inc (ASX:RMD) shares are two of four pushing higher on Friday. Here's why…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published January 29, 2021 11:38 am AEDT

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's heavy decline. At the time of writing, the benchmark index is up 0.7% to 6,694.5 points.

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

hand on touch screen lit up by a share price chart moving higher — Image source: Getty Images

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is up 2.5% to $5.09. This follows the release of the rare earths producer's quarterly update this morning. According to the release, Lynas delivered second production of 1367 tonnes, which was in line with its guidance. This led to the company posting record quarterly sales revenue of $119.4 million. This was up from $87.3 million in the first quarter.

Mesoblast limited (ASX: MSB)

The Mesoblast share price is up 3.5% to $2.40 following the release of its second quarter update. The biotech company reported revenues from royalties on TEMCELL HS Inj. sales of US$2.1 million. This was up slightly year on year from US$2 million in the second quarter of FY 2020. In addition to this, the company provided a comprehensive update on its activities, which appears to have gone down well with investors.

ResMed Inc (ASX: RMD)

The ResMed share price is up 2% to $27.94. Investors have been buying the medical device company's shares following the release of its second quarter results. ResMed reported a 9% increase in quarterly revenue to US$800 million and a 17% increase in net profit to US$206.4 million. This was driven by a solid performance across the business.

Service Stream Limited (ASX: SSM)

The Service Stream share price has jumped almost 9% to $1.88. This follows the announcement of a multi-year agreement with telco giant Telstra Corporation Ltd (ASX: TLS). According to the release, under Telstra's new commercial framework, Service Stream will be a key delivery partner responsible for performing design, construction, and maintenance activities associated with its wireless and fixed-line infrastructure networks. Previous similar work has generated significant revenues for Service Stream.

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