Why BlueScope, Fortescue, Polynovo, and Sigma shares are racing higher

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

| More on:
a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.

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 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.

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 Macquarie Group and PolyNovo. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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

Three exuberant runners dash towards the camera. One raises her arms in triumph; another jumps in the air with arms raised. The third runner gives a satisfied smile.
Share Gainers

3 ASX 200 shares going gangbusters in June

ASX 200 investors have sent these three stocks soaring in June. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

Why Boss Energy, Judo Capital, Life360, and Paladin Energy shares are pushing higher

These shares are ending the week on a high. But why?

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Today's trading gave ASX investors some much-needed relief.

Read more »

Happy man working on his laptop.
Share Gainers

Why Bubs, Codan, Life360, and Sayona Mining shares are charging higher

These shares are catching the eye on Thursday. What's going on?

Read more »

a cute young girl with curly hair sips a glass of milk through a straw with a smile on her face.
Consumer Staples & Discretionary Shares

Guess which A2 Milk rival's shares just rocketed 21% on US news!

Up 65% in 2024, A2 Milk shares remain the better performer, but this rival is making up ground today.

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another horrid day for ASX investors this hump day.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

7 ASX All Ords shares rocketing higher while the market sinks

These shares are avoiding the market weakness on Wednesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why Bapcor, Botanix, Judo Capital, and Woodside shares are rising today

These shares are having a better day than most on Wednesday.

Read more »