Why Austal, Mesoblast, Regis Resources, and Zip shares are charging higher

These ASX shares are ending the week strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. At the time of writing, the benchmark index is up 0.2% to 6,585.2 points.

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

Austal Ltd (ASX: ASB)

The Austal share price is up 22% to $2.20. This follows the announcement of a major contract win in the United States. According to the release, the shipbuilder has been awarded a contract with a potential value of US$3.3 billion (A$4.35 billion) for the detail design and construction of up to 11 Offshore Patrol Cutters for the United States Coast Guard.

Mesoblast limited (ASX: MSB)

The Mesoblast share price is up 17% to 71.5 cents. This is despite there being no news out of the biotechnology company on Friday. However, it is worth noting that the company’s shares sank to a decade low on Thursday. Some investors may believe that they have now bottomed. Mesoblast’s shares are still down ~50% in 2022.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price is up 9% to $1.42. This follows news that Andrew ‘Twiggy’ Forrest attempted to acquire a 15% stake in the gold miner. The iron ore billionaire was hoping to snap up the stake for $1.48 per share, which represents a 13.8% premium to its last close price. However, Forrest’s kill or fill order fell short of target at 12% filled and was cancelled.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 9.5% to 48.2 cents. This is despite there being no news out of the buy now pay later provider. Though, with its shares down 50% last month, some investors may believe they were oversold. Not even a bearish note out of Jefferies has held Zip’s shares back today. The broker retained its underperform rating and cut its price target to a lowly 38 cents.

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 positions in and has recommended Austal Limited and ZIPCOLTD FPO. 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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