The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher on Thursday. In afternoon trade, the benchmark index is up a sizeable 0.75% to 7,826.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
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Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price is up 6% to $1.94. As well as getting a boost from a rising gold price, this gold explorer and development company was the subject of a positive broker note this morning. According to a note out of Ord Minnett, it has upgraded the company's shares to an accumulate rating (from hold) following a review of shares with exposure to gold and/or copper.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up over 2% to $31.17. This morning, analysts at Macquarie upgraded the fashion jewellery retailer's shares to an outperform rating with a $33.70 price target. The broker is very positive on the company's global expansion and believes that strong earnings growth is coming over the next five years. It also feels that the change of CEO will not derail Lovisa's sales and store growth. As a result, it thinks that the sharp pullback in the Lovisa share price this week has created a buying opportunity for investors.
Northern Star Resources Ltd (ASX: NST)
The Northern Star Resources share price is up 2.5% to $14.71. Investors have been buying Northern Star and other gold mining shares today. This has been driven by a strong rise in the gold price overnight after US bond yields softened amid hopes that interest rate cuts are coming. This has seen the S&P/ASX All Ordinaries Gold index rise 2.5% on Thursday. Not even a broker downgrade by Ord Minnett has been able to stop Northern Star rising today. It has downgraded its shares to a hold rating with a $15.60 price target.
SRG Global Ltd (ASX: SRG)
The SRG Global share price is up 2.5% to 89 cents. This has been driven by news that the diversified industrial services company has been awarded multiple contracts with existing clients in the renewable energy, resources and energy sectors across Australia. Management notes that the value of the new works secured is $125 million. SRG Global's managing director, David Macgeorge, said: "We are pleased to secure these diverse range of contracts across Australia through established relationships with Tier 1 clients across Australia."
