In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,264.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price is up almost 3% to $22.07. This may have been driven by the release of a broker note out of Macquarie. According to the note, the broker has upgraded the steel producer's shares to an outperform rating with a $24 price target. It made the move on stronger steel prices in the United States.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 1.5% to $26.76. Investors have been buying Fortescue and other iron ore miners today after the price of the steel-making ingredient rose again. According to CommSec, iron ore futures rose 0.4% to almost a nine-month high of US$135.66 a tonne. This has been driven by optimism over stimulus from policymakers in China to spur its economic recovery.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 4.5% to $1.53. This morning, analysts at Bell Potter retained their buy rating on this medical device company's shares with a reduced price target of $1.80. It said: "We expect PNV will be modestly profitable in FY24 with earnings increasing each year thereafter. Catalyst for FY24 include a full launch of Novosorb MTX and update reporting of KPI's including new account openings and profitability."
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is up 50% to $1.14. Investors have been fighting to get hold of the pharmacy chain operator and distributor's shares after responding positively to its plan to merge with Chemist Warehouse. If everything goes to plan, the two companies intend to complete the merger in the second half of 2024.
