Why Alkane, Audinate, Megaport, & Zip shares are rising today

These ASX shares are performing strongly today…

| More on:
A businessman points to and arrow going up on a graph, indicating a share price rise for an ASX company

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.3% to 7,348.2 points.

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

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 2% to $1.23. Investors have been buying the gold miner's shares after its production outperformed expectations in FY 2021. According to the release, Alkane achieved production of 56,958 ounces of gold at its Tomingley Gold Operations in FY 2021. This exceeds its upgraded guidance of 50,000–55,000 ounces.

Audinate Group Ltd (ASX: AD8)

The Audinate share price has stormed almost 4% higher to $8.70. This gain appears to have been driven by a broker note out of Morgan Stanley this morning. It believes the digital audio networking technology company could exceed expectations in the fourth quarter. This is due to elevated sales in the audio-visual industry during the June quarter. It also feels Audinate is a likely candidate for analyst forecast upgrades in FY 2022.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 1.5% to $16.76 after the release of its quarterly update. That update reveals that the elastic interconnection service provider had a very strong fourth quarter, with record quarterly customer additions. This helped drive an 11% or $0.7 million quarter on quarter increase in monthly recurring revenue (MRR) to $7.5 million.

Zip Co Ltd (ASX: Z1P)

The Zip share price has jumped 9% to $8.41. Investors have been buying the buy now pay later (BNPL) provider's shares amid speculation that a rival BNPL provider has acquired a strategic stake. BNPL provider Klarna is believed to have acquired a 4% stake in Zip. This is understood to be a move designed to strengthen Klarna's position if the BNPL market consolidates to two to three leading global players in the future. Neither company has commented on the speculation.

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

More on Share Gainers

Crude oil barrels rocketing.
ETFs

Why did the BetaShares Crude Oil ETF just spike 4%?

This ETF is attracting buyers in today's seller's market.

Read more »

Woman with an amazed expression has her hands and arms out with a laptop in front of her.
Share Gainers

Why BWP, Metcash, Resolute Mining, and SHAPE shares are pushing higher today

These shares are starting the week on a positive note. But why?

Read more »

Workers at the port joyfully jump high in the air with shipping containers in the background.
Industrials Shares

$10,000 invested in Austal shares a year ago is now worth…

Austal is an Australian shipbuilding company founded in 1988 that builds ships for the US Navy.

Read more »

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to a disappointing week for investors this Friday.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Betr, Centuria Capital, GR Engineering, and Mach7 shares are pushing higher

These shares are having a good finish to the week. But why?

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX gave up an afternoon lead to close lower today.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Clarity Pharmaceuticals, Kelsian, Life360, and Syrah shares are rising today

These shares are pushing higher on Thursday. But why?

Read more »

Man smiling on top of rocks with mountains in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors were in a nervous mood today.

Read more »