Why DroneShield, Magellan, Platinum, and Zip shares are rising today

These ASX shares are avoiding the market weakness today.

| More on:
Smiling couple looking at a phone at a bargain opportunity.

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

The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Wednesday. In afternoon trade, the benchmark index is down 0.25% to 7,705.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 3.5% to 71 cents. Investors have been buying the counter drone technology company's shares this week after Bell Potter upgraded them to a buy rating with a 90 cents price target. It made the move on valuation grounds following a sharp pullback this month.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 8.5% to $9.26. This follows the release of the fund manager's latest funds under management (FUM) update. Magellan reported a 2.5% month on month increase in FUM to $37.2 billion. This was despite recording net outflows of $200 million for the period.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is up 2% to $1.20. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has taken its sell rating off its shares and upgraded them to a hold with an improved price target of $1.13 (from 84 cents). Bell Potter was pleased with an update from the fund manager's new CEO, which addressed many of its concerns.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 7% to $1.20. This is despite there being no news out of the payments company today. However, it is worth noting that its shares have been on fire recently thanks to a much-improved operational performance. So much so, the Zip share price is up almost 300% in the space of six months.

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 DroneShield and Zip Co. 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 woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a sobering end to the week's trading this Friday.

Read more »

Man holding Australian dollar notes, symbolising dividends.
Share Gainers

How a $9k investment in this ASX All Ords stock ballooned to $35,234 in just 3 years!

Shares in the ASX All Ords stock have rocketed even as it’s paid out market-beating dividends.

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why AIC Mines, Bendigo and Adelaide Bank, Patriot Battery Metals, and Vulcan Energy are racing higher today

These shares are ending the week in a positive fashion.

Read more »

Emotional euphoric young woman giving high five to male partner, celebrating family achievement, getting bank loan approval, or financial or investing success.
Share Gainers

Guess which ASX lithium share just leapt 13% on major financing news!

Investors are bidding up the ASX lithium share on the back of major financing news.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 was on fire today, with almost every sector surging.

Read more »

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Share Gainers

Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals shares are rising today

These shares are having stronger-than-average sessions on Thursday. But why? 

Read more »

Doctor doing a telemedicine using laptop at a medical clinic
Share Gainers

Guess which ASX healthcare stock just exploded 63% on Federal budget funding news!

Investors are bidding up the ASX healthcare stock amid extra funding in the Federal budget.

Read more »

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to the races for ASX shares this Wednesday.

Read more »