Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising

These ASX shares are on form on Tuesday…

| More on:
a business person in a suit and tie directs a pointed finger upwards with a graphic of a rising bar graph and an arrow heading upwards in line with the person's finger.

Image source: Getty Images

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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,346.6 points.

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

Australian Clinical Labs Ltd (ASX: ACL)

The Australian Clinical Labs share price is up a sizeable 11% to $5.56. This morning the pathology services provider upgraded its earnings guidance for the first half. Thanks largely to strong demand for COVID-19 testing, Australian Clinical Labs’ net profit after tax (NPAT) is expected to come in at between $116.3 million and $128 million during the half. At the mid-point, this represents a 35% increase over its previous first half NPAT guidance of $86.3 million to $94.9 million.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 3% to $20.27. Investors may have been buying this fund manager’s shares on the belief that they were oversold on Monday after a 30% decline following the loss of a major contract. Alternatively, short sellers could be buying shares to close out their positions.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price is up 4% to $6.36. This morning analysts at UBS slapped a buy rating and $8.00 price target on this copper producer’s shares. The broker is a fan of Sandfire’s acquisition of MATSA and sees a pathway for the company to achieve copper production of greater than 150kt per annum.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price has jumped 8% to $8.02. This morning Bell Potter retained its speculative buy rating and lifted its price target on this biopharmaceutical company’s shares to $9.65. The broker made the move in response to Telix gaining US FDA approval for its Illuccix product. Bell Potter notes that this puts the company in a position to launch the product in the US next month.

Motley Fool contributor James Mickleboro owns TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Australian Clinical Labs Limited. 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

Three businesspeople leap high with the CBD in the background.
Share Gainers

3 ASX All Ordinaries shares going gangbusters on Friday

Combined, these three All Ords stocks have gained an average of 21% today.

Read more »

Happy couple doing online shopping.
Retail Shares

Why is the Temple and Webster share price surging 11% higher today?

The ASX retail share has strengthened this week, but there's a long way to go.

Read more »

Green arrow with green stock prices symbolising a rising share price.
Share Gainers

Why Betmakers, Block, Lake Resources, and Vulcan shares are racing higher

These ASX shares are on form on Friday...

Read more »

Team celebrating corporate success screaming with joy.
Materials Shares

Wow! Novonix share price rebounds off a 52-week low to surge 11%

Novonix shares are on fire today, as are several battery and lithium shares.

Read more »

Four people gather around laptop and cheer
BNPL shares

The Zip share price is rocketing 14% today. What’s going on?

ASX BNPL shares are enjoying a welcome boost today.

Read more »

a man and a woman sitting in a technology related work environment high five each other while the man wears headphones around his heck and the woman sits in front of a laptop.
Technology Shares

Why ASX 200 tech shares are outperforming the market on Friday

Tech shares on fire today and leading the broader market. Here are the details.

Read more »

Two kids playing with wooden blocks, symbolising small cap shares and short selling.
Share Gainers

2 tiny ASX mining shares surging on new discoveries

It's been a good day to own these ASX-listed small cap miners.

Read more »

Green arrow going up on stock market chart, symbolising a rising share price.
Share Gainers

Why ANZ, Block, Bubs, and PayGroup shares are pushing higher

These ASX shares are on for m on Thursday...

Read more »