The S&P/ASX 200 Index (ASX: XJO) is on course to start the year with a decent gain. At the time of writing, the benchmark index is up 0.4% to 8,192.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is up a further 10% to 43 cents. This semiconductor company's shares have been on fire over the holiday period despite there being no news out of it. The gains have been so strong that the Australian stock exchange operator issued a speeding ticket to find out what was going on. Brainchip was unable to explain the share price gains. It will be interesting to see if these share price gains can be maintained once the holiday period ends, institutional investors return, and Brainchip releases its next quarterly update.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 2.5% to $18.72. Investors have been buying miners on Thursday possibly on the belief that they were oversold in 2024. As a result, both the energy and materials sectors are roaring higher today and acting as the main drivers of the ASX 200 index's gain. Fortescue shares remain down 36% since this time last year.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 5% to $3.27. Investors have been fighting to get hold of this biotechnology company's shares during the last couple of weeks thanks to the approval of one of its stem cell therapies. The US FDA approved its Ryoncil (remestemcel-L) product as the first mesenchymal stromal cell (MSC) therapy in the United States. Ryoncil is also the only MSC therapy approved in the U.S. for any indication and the only approved therapy for steroid-refractory acute graft versus host disease (SR-aGvHD) in children two months and older.
QBE Insurance Group Ltd (ASX: QBE)
The QBE Insurance share price is up over 1% to $19.41. This morning, Goldman Sachs reaffirmed its buy rating and $20.00 price target on the insurance giant's shares. It noted that Guy Carpenter (GC) and AON released their initial view of 1 January 2025 reinsurance renewals and sees the "updates as incrementally positive" for QBE. It adds that "insurers were also able to purchase protection at lower levels driven by increased reinsurer appetite." This appears to bode well for QBE and other insurers in 2025.
