Why Afterpay, Bellevue Gold, Pilbara Minerals, & Zip are charging higher

These ASX shares are having strong days…
The post Why Afterpay, Bellevue Gold, Pilbara Minerals, & Zip are charging higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to give back some of yesterday’s gains. At the time of writing, the benchmark index is down 0.25% to 7,473.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price has jumped a further 12% to $129.02. Investors have been buying the buy now pay later provider’s shares in response to a rise in the Square share price overnight. This is because the takeover proposal will see Afterpay shareholders receive 0.375 Square shares for every Afterpay share they own. As a result, any rise (or fall) in the Square share price will increase (or decrease) the value of the offer. I’ve explained this in more detail here.

Bellevue Gold Ltd (ASX: BGL)

The Bellevue Gold share price is up 2% to $1.10. This follows the release of the gold explorer’s drilling results from its Bellevue Gold Project. These latest results demonstrate the potential for further increases in the resource and mine life beyond its Stage 2 feasibility study.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 3% to $1.95. Today’s decline may have been driven by a positive broker note out of Macquarie. According to the note, the broker was pleased with the results of the lithium miner’s battery materials exchange (BMX) auction. This led to Macquarie retaining its outperform rating and $2.00 price target on the company’s shares.

Zip Co Ltd (ASX: Z1P)

The Zip share price has stormed 9% higher to $7.89. Investors continue to buy the buy now pay later provider’s after Afterpay’s takeover sparked hopes that Zip might receive an offer as well. Particularly given recent speculation that rival Klarna has been building a position in the company. This morning Citi retained its buy rating and $8.90 price target on the company’s shares. It notes that its Square-Afterpay deal increases the takeover appeal for Zip.

The post Why Afterpay, Bellevue Gold, Pilbara Minerals, & Zip are charging higher appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Here’s why the Zip (ASX:Z1P) share price is rocketing 8%
Why ASX lithium shares are beating the iron ore majors – again

Up another 12%, why the Afterpay (ASX:APT) share price keeps pushing higher
ASX 200 midday update: Afterpay jumps again, Qantas stands down crew

Afterpay share price surges on takeover. Oil Search, Santos do a deal. Scott Phillips on Nine’s Late News

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. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!