Why Fortescue, Gold Hydrogen, MMA Offshore, and Sims shares are pushing higher

These ASX shares are starting the week strongly. But why?

| More on:
two men smiling with a laptop in front of them, symbolising a rising share price.

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

The S&P/ASX 200 Index (ASX: XJO) has started the week positively. In afternoon trade, the benchmark index is up 0.5% to 7,811.3 points.

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

Fortescue Ltd (ASX: FMG)

The Fortescue share price is up 3% to $25.40. This may have been driven by news that the mining giant's recently deployed electric excavator has now moved one million tonnes of material since going into action. Importantly, management advised that at times the electric excavator was performing better than its diesel equivalent.

Gold Hydrogen Ltd (ASX: GHY)

The Gold Hydrogen share price is up 14% to $1.47. This morning, this natural hydrogen and helium exploration and development company announced strong results from its Ramsay 1 and Ramsay 2 well testing. According to the release, the test confirmed up to 17.5% purity for helium, which ranks amongst the highest purity levels globally.

MMA Offshore Ltd (ASX: MRM)

The MMA Offshore share price is up 11% to $2.61. This follows news that the marine service provider has received and accepted a takeover offer. According to the release, the company has entered into a binding scheme implementation deed with Cyan MMA Holdings for the proposed acquisition of all its shares via a scheme of arrangement. The board unanimously recommends shareholders vote in favour of the $2.60 cash per share offer at the scheme meeting. Though, with its shares now trading above the offer price, it's possible that some investors believe a competing bid will materialise.

Sims Ltd (ASX: SGM)

The Sims share price is up almost 3% to $12.22. This morning, analysts at UBS upgraded the scrap metal company's shares to a buy rating with an improved price target of $14.50. The broker believes that its outlook is improving and highlights the discount its shares trade at compared to book value.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Mma Offshore. 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

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why DroneShield, Judo, Pepper Money, and Strickland shares are surging today

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

Read more »

Yellow rising arrow on a brick wall with a man on a ladder.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough start to the trading week for investors this Monday.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX 200 stock has rocketed 86% since April?

This sky rocketing ASX 200 stock continues to defy short sellers. But how?

Read more »

Five happy young friends on the coast, dabbing and raising their arms in the air.
Share Gainers

The best 5 ASX 200 shares to buy and hold in May revealed

Can you guess which five ASX 200 shares raced ahead of the benchmark in May?

Read more »

A couple sit in front of a laptop reading ASX shares news articles and learning about ASX 200 bargain buys
Share Gainers

Why are Soul Patts shares up 9% today?

A marriage proposal has seen investors flock to this company.

Read more »

A bland looking man in a brown suit opens his jacket to reveal a red and gold superhero dollar symbol on his chest.
Share Gainers

These were the best-performing ASX All Ords shares in May

These shares caught the eye last month. What was getting investors excited?

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors finished the trading week on a high note this Friday.

Read more »

Happy teen friends jumping in front of a wall.
Share Gainers

4 ASX 200 shares leading the charge higher this week

Investors have been piling into these four ASX 200 shares this week. But why?

Read more »