Why Eagers Auto, Mayne Pharma, Monadelphous, & Newcrest are pushing higher

Mayne Pharma Group Ltd (ASX:MYX) and Newcrest Mining Ltd (ASX:NCM) shares are two of four charging higher on Friday…

| More on:
boy in celebration pose with pointed fingers raised high

Image source: Getty Images

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end a positive week on an underwhelming note. At the time of writing, the benchmark index is down 0.25% to 7,041.5 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up 3% to $15.58 following the release of a first quarter update. According to the release, the auto retailer expects to report an underlying operating profit before tax of around $98 million for the quarter. This is more than double the underlying operating profit before tax of $40.3 million it recorded in the entire first half of FY 2020.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price has jumped 9% to 50.2 cents. Investors have been buying the pharmaceutical company’s shares after it announced US FDA approval for a new contraceptive pill. Mayne Pharma intends to launch the novel combined oral contraceptive in June. It estimates that it has a US$3.6 billion opportunity in the United States.

Monadelphous Group Limited (ASX: MND)

The Monadelphous share price is up 5.5% to $11.38. This morning the mining services company announced a settlement with Rio Tinto Limited (ASX: RIO). This relates to a fire incident which occurred at Rio Tinto’s iron ore processing facility at Cape Lambert, Western Australia, in January 2019. Positively, the settlement is being covered by its insurance.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is up 3.5% to $27.78. This solid gain has been driven by a rise in the gold price and a positive broker note out of Goldman Sachs. In respect to the latter, Goldman Sachs has upgraded Newcrest’s shares from neutral to a buy rating with a $33.50 price target. It believes its shares are cheap compared to ASX 100 gold peers and North American gold majors.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers