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Why Myer, South32, Vulcan, and Zip shares are racing higher

These ASX shares are having a positive session…
The post Why Myer, South32, Vulcan, and Zip shares are racing higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 21% to 40 cents. Investors have been buying this department store operator’s shares following the release of a strong trading update. Myer has been performing very positively during the second half. So much so, it expects to report a net profit of between $55 million and $60 million in FY 2022. This will be up 86% to 103% on FY 2021’s result.

South32 Ltd (ASX: S32)

The South32 share price is up 4% to $3.71. Investors have been buying this mining giant’s shares after brokers responded positively its latest quarterly update. One of those brokers was Goldman Sachs, which has reiterated its conviction buy rating with a $4.90 price target. Elsewhere, the team at Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 5% to $7.45. This morning the lithium developer released an announcement relating to its Zero Carbon Lithium Project. Vulcan revealed that it has received approval to carry out a 3D seismic survey from eight local councils across its license area in the German state of Rhineland-Palatinate. In addition, Vulcan has been granted a new exploration license that increases its license area in the Upper Rhine Valley Brine Field by a sizeable 277km2.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 19% to $1.02. This is despite there being no news out of the buy now pay later (BNPL) provider on Tuesday. Though, it is worth noting that a number of BNPL shares are charging notably higher this afternoon.

The post Why Myer, South32, Vulcan, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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More reading

Why are ASX buy now, pay later shares rocketing higher today?
Zip share price soars 24% to break $1 mark for first time in 2 months
Myer share price rockets 23% as 2022 profit expected to double
ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
Why is the Vulcan share price charging higher today?

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 ZIPCOLTD FPO. 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.

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