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.