Why Myer, South32, Vulcan, and Zip shares are racing higher

These ASX shares are having a positive session…

| More on:
A young female ASX investor sits at her desk with her fists raised in excitement as she reads about rising ASX share prices on her laptop.

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 gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 21% to 40 cents. Investors have been buying this department store operator's shares following the release of a strong trading update. Myer has been performing very positively during the second half. So much so, it expects to report a net profit of between $55 million and $60 million in FY 2022. This will be up 86% to 103% on FY 2021's result.

South32 Ltd (ASX: S32)

The South32 share price is up 4% to $3.71. Investors have been buying this mining giant's shares after brokers responded positively its latest quarterly update. One of those brokers was Goldman Sachs, which has reiterated its conviction buy rating with a $4.90 price target. Elsewhere, the team at Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 5% to $7.45. This morning the lithium developer released an announcement relating to its Zero Carbon Lithium Project. Vulcan revealed that it has received approval to carry out a 3D seismic survey from eight local councils across its license area in the German state of Rhineland-Palatinate. In addition, Vulcan has been granted a new exploration license that increases its license area in the Upper Rhine Valley Brine Field by a sizeable 277km2.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 19% to $1.02. This is despite there being no news out of the buy now pay later (BNPL) provider on Tuesday. Though, it is worth noting that a number of BNPL shares are charging notably higher this afternoon.

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 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.

More on Share Gainers

a person stands arms outstretched on the top of a mountain with a beautiful sunrise in the sky
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the ASX 200 into higher uncharted territory today.

Read more »

Fast businessman with a car wins against the competitors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day, another record high for ASX shares.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Origin, Pro Medicus, Temple & Webster, and Westpac shares are storming higher

These shares are having a strong session on Thursday. But why?

Read more »

A group of people excitedly cheering at a horse race.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a sobering hump day for investors this session.

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Share Gainers

Why Amotiv, Evolution Mining, Life360, and Tyro shares are charging higher today

These shares are having a good session on hump day. But why?

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day for the history books this Tuesday.

Read more »

Two smiling work colleagues discuss an investment at their office.
Share Gainers

Why JB Hi-Fi, Life360, Star, and Tuas shares are racing higher today

These shares are having a good session on Tuesday. But why?

Read more »

A older man and younger man rest, exhausted but happy after a good boxing session.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed an optimistic start to the week's trading today.

Read more »