The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.4% to 7,228.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 2% to $26.38. Earlier today, the iron ore miner's shares hit a record high. Investors appear to believe that the price of the steel-making ingredient will stay higher for longer due to demand in China.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up almost 5% to 28.25 cents. This morning, the biotechnology company confirmed that its CEO, Silviu Itescu, invested $3 million in its institutional placement. Itescu paid 30 cents per new share, which is ahead of current levels. The market appears to believe this is a sign of confidence that the worst could be now behind the company.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is up 3% to $8.65. This may have been driven by a broker note out of Morgan Stanley. Its analysts have retained their overweight rating and lifted their price target on the online furniture and homewares retailer's shares to $9.25. The broker believes the company can hit its $1 billion revenue target in the coming years.
Virgin Money UK (ASX: VUK)
The Virgin Money share price is up 3% to $3.03. This may also have been driven by a bullish broker note. According to a note out of Macquarie, its analysts have upgraded this UK bank's shares to an outperform rating with an improved price target of $3.45. It is feeling more upbeat on the bank's outlook following its results.
