In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a small gain. At the time of writing, the benchmark index is up 0.25% to 7,229.5 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Bailador Technology Investments Ltd (ASX: BTI)
The Bailador share price is up 4.5% to $1.44. Investors have been buying this investment company's shares following an update on its dividend policy. Bailador revealed that will continue with its dividend policy of paying 4% of its pre-tax net tangible assets (NTA) per annum. Furthermore, this year it will include a special dividend of 2% of pre-tax NTA.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 3% to $20.71. This gain appears to have been driven by a rise in the iron ore price overnight. According to CommSec, the spot iron ore price rose US$1.51 or 1.1% overnight to US$135.02 a tonne.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up 2% to $5.39. This appears to have been driven by bargain hunters swooping in after a recent decline. For example, prior to today, the agricultural chemicals company's shares were down ~20% over the last couple of weeks. One broker that sees a lot of value in Nufarm's shares is Macquarie. It has an overweight rating and $7.20 price target on the company's shares.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up 3% to $4.00. This is despite there being no news out of the telco giant. However, it is worth noting that similar gains are being made by a number of telco shares. This could be a sign that investors are switching to more defensive options on a day that many high risk shares are crumbling.
