The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.1% to 7,147.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
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29Metals Ltd (ASX: 29M)
The 29Metals share price is up 6% to 68 cents. Bargain hunters may be swooping in today after this copper producer's shares were absolutely smashed this week. 29Metals shares are still down by over a third since this time last week amid concerns over the reopening of the Capricorn Copper operation.
APM Human Services International Ltd (ASX: APM)
The APM share price is up 8% to $2.01. This morning, this human services provider confirmed that it was the successful bidder to deliver Functional Assessment Services (FAS) on behalf of the UK's Department for Work and Pensions (DWP) in the London, South-East, and East Anglia region. The contract is for an initial five-year period and has a total value of $720 million. It is expected to commence in 2024 and includes an option for a two-year extension.
Megaport Ltd (ASX: MP1)
The Megaport share price is up 2% to $6.56. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded this network services company's shares to a high-risk buy rating with a $7.40 price target.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 5% to $1.09. This morning, the biotech company released its third-quarter update. While sales are still on the slender side, investors appear pleased with the progress it is making with drug development. It also finished the period with a healthy cash balance of US$48.8 million.
