Why BlueScope, OFX, Pilbara Minerals, and Step One shares are pushing higher

These ASX shares are pushing higher…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,104.6 points.

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

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is up 2% to $17.91. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded this steel manufacturer’s shares to a buy rating with a $25.30 price target. Goldman commented: “Painted steel & comp analysis implies BSL undervalued.”

OFX Group Ltd (ASX: OFX)

The OFX share price is up 8.5% to $2.69. Investors have been buying this international payment services company’s shares following the release of its full-year results. OFX reported a net profit after tax of $24.5 million, which is double what it achieved a year earlier. This was driven by healthy margins and a strong performance in the corporate segment.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 4.5% to $2.72. This follows a strong day of trade in the materials sector on Tuesday, which has seen a number of lithium miners charge higher. This has helped drive the S&P/ASX 200 Materials index 0.8% higher this afternoon.

Step One Clothing Ltd (ASX: STP)

The Step One share price has rebounded 38% to 29 cents. Bargain hunters appears to believe that this underwear retailer’s shares were oversold on Monday following the release of a disappointing trading update. The team at Morgans is sticking with Step One. This morning the broker retained its add rating. And even though it has taken an axe to its price target and cut it by 75% to 60 cents, this still implies major upside potential.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 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 Scott Phillips.

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