Why 29Metals, NextDC, Sims, and South32 shares are racing higher

These ASX shares are having a happy hump day.

| More on:
a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.

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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.45% to 7,341.9 points.

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

29Metals Ltd (ASX: 29M)

The 29Metals share price is up 9% to $1.25. Investors have been buying this copper miner's shares after it released an update on exploration activities at Capricorn Copper. The results of the program highlight the continuing potential of Capricorn Copper with demonstrated extensions of known mineralisation at Esperanza South and the Mammoth deposits. In addition, the miner has identified a new mineralised trend east of Mammoth.

Nextdc Ltd (ASX: NXT)

The Nextdc share price is up 9% to $12.09. This has been driven by the release of a trading update from the data centre operator. NextDC revealed that a series of recent customer wins means that its contracted utilisation has increased by 43%, or 35.9 megawatts (MW), to 120MW since 31 December. The new S3 data centre in Sydney has been a key driver of this growth.

Sims Ltd (ASX: SGM)

The Sims share price is up 3% to $16.44. This appears to have been driven by the release of a broker note out of Goldman Sachs. According to the note, its analysts have upgraded this scrap metal company's shares to a buy rating with an $18.00 price target. Goldman made the move on higher ferrous scrap prices and notes that its EBIT forecasts now sit above consensus estimates.

South32 Ltd (ASX: S32)

The South32 share price is up 3% to $4.39. This is likely to have been driven by the same broker note out of Goldman Sachs. Its analysts have also upgraded this diversified miner's shares to a buy rating with a $4.90 price target. Goldman highlights its attractive valuation and huge forecast 13.5% dividend yield in FY 2024.

Motley Fool contributor James Mickleboro has positions in Nextdc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

More on Share Gainers

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another disappointing day for ASX investors this Thursday.

Read more »

two men smiling with a laptop in front of them, symbolising a rising share price.
Share Gainers

Why Pinnacle, PWR, Race Oncology, and Vulcan shares are flying today

These shares are having a good session on Thursday. But why?

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Boss Energy, Emeco, Mineral Resources, and Plenti shares are pushing higher today

These shares are having a good time on hump day. But why?

Read more »

Three small children reach up to hold a toy rocket high above their heads in a green field with a blue sky above them.
Share Gainers

3 ASX 300 shares going gangbusters on Wednesday

Investors are bidding up these three ASX 300 shares today. But why?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a huge Tuesday for ASX shares, with the index resetting its record high.

Read more »