The ASX is buzzing on Friday with several popular shares catching plenty of attention as investors trade their interests between each other.
Four stocks stand out as being Friday's 'most popular' at the time of writing. Here, we define the popularity contest as those stocks with the highest trading turnover in dollar terms relative to the corresponding gain in share price.
ASX stocks in the red aren't included. They aren't the popular kids here today.
According to CommSec data, shares in Mesoblast Ltd (ASX: MSB), Light & Wonder Inc (ASX: LNW), Santos Ltd (ASX: STO), and Woodside Energy Group Ltd (ASX: WDS) show up after applying this filter.
Are they part of your portfolio? Let's take a closer look.
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Popular shares on Friday
First on the list of popular ASX shares is Mesoblast. It has been in the spotlight today, with a turnover reaching $17.6 million at the time of writing and the stock up 12% on the day.
The biotech company's share price jumped to a new 52-week high of $9.76 today as well, continuing a trend that started end of September.
Mesoblast has entered a convertible note subscription agreement with its largest shareholder.
This allows the company to issue up to US$50 million in convertible notes if the US Food and Drug Administration (FDA) approves its lead product, remestemcel-L.
Mesoblast expects a decision from the FDA by 7 January 2025. If successful, the funding would enable the company to commercialise the drug.
This is definitely a popular share, having lifted 390% this year to date. But consensus also rates it a strong buy at present, according to CommSec.
Light & Wonder in fashion
Next on the list of popular ASX shares is global gaming company Light & Wonder. It has also seen plenty of activity today, with $23.56 million in turnover and the stock up by 8% at the time of writing.
After a sharp pullback in late September, shares quickly slumped to a three-month low of $126.80 apiece earlier this week.
But some analysts see this as a buying opportunity. Bell Potter placed a buy rating on Light & Wonder with a price target of $161.
Despite Light & Wonder losing its future Dragon Train revenues, the broker reckons its cross-platform strategy still holds strong potential.
Bell Potter expects improved product quality to strengthen Light & Wonder's position in the market.
The stock is also rated a buy, according to consensus estimates obtained from CommSec data.
Santos and Woodside lift along with oil
Investors have bought Santos shares en masse today – along with fellow energy company Woodside – as fears of an escalation in Middle East tensions mount.
Investors have traded $48 million worth of Santos shares today, with the stock up 2% at the time of writing.
Meanwhile, Woodside's turnover is $113 million, with the popular ASX share up more than 2.5%.
Both energy giants' share prices are trading higher due to higher oil prices. Brent crude oil has climbed US$77 a barrel at the time of writing, up from US$70 per barrel towards the end of September.
The spike in oil stems from fears of a potential retaliation from Israel on Iran's oil industry, a move that could potentially clamp global supply.
In addition to the oil price surge, Santos announced a mid-term LNG supply contract with TotalEnergies Gas & Power Asia.
Investors have been buying oil and energy companies hand over fist this week, making these to highly popular ASX shares.
Popular ASX shares takeaway
These companies are the most popular when comparing their total dollar turnover traded and share price gain.
Whilst Mesoblast has recently benefitted from company-specific catalysts, Santos and Woodside are rallying in geopolitical risks. Light and Wonder, in the meantime, has seen investors jump in at shallower prices.
