The S&P/ASX 200 Index (ASX: XJO) is having a much better session on Wednesday. In afternoon trade, the benchmark index is up 0.6% to 8,224.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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APA Group (ASX: APA)
The APA Group share price is up 3.5% to $7.66. Investors have been buying the energy infrastructure company's shares after the Australian Energy Regulator's (AER) released its draft decision following its review of the form of regulation to apply to the South West Queensland Pipeline (SWQP). The draft decision recommends that the SWQP should not be subject to full price regulation and that the existing light regulation regime should remain in place. APA Group CEO, Adam Watson, said: "This decision, if confirmed, creates confidence to make the necessary investment in our East Coast Gas Grid to support energy security for our customers and consumers. It will also help facilitate our nation's ambition to deliver a reliable, affordable and lower emissions energy system."
Elders Ltd (ASX: ELD)
The Elders share price is up 3% to $8.66. This appears to have been driven by a broker note out of Bell Potter this morning. According to a note, the broker has retained its buy rating on the agribusiness company's shares with an improved price target of $9.45 (from $9.30). This suggests that its shares could still rise a further 9% from current levels. The broker said: "Should seasonal conditions hold through FY25e, we would expect a stronger profit outcome."
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is up almost 5% to $2.68. This may have been caused by a broker note out of Macquarie this morning. According to the note, the broker has reaffirmed its outperform rating with a slightly trimmed price target of $3.15. Given the low multiples its shares trade on and its big dividend yield, the broker believes the market is expecting its investment performance to deteriorate in the near future.
Webjet Group (ASX: WJL)
The Webjet share price is up 6% to $1.02. Investors have been buying the online travel agent's shares this morning after Goldman Sachs initiated coverage on the company. Goldman has put a buy rating and $1.05 price target on Webjet's shares. It said: "We believe the company is well placed to grow TTV and revenue margins, supported by 1) continued market shift from offline to online travel bookings (Euromonitor 2024-29e forecast online bookings +6.8% vs offline +4.9%); 2) optimize shape of revenue envelope by driving higher mix from international travel and higher margin ancillary services; resulting in revenue margin +26bp over FY24E-27E to 9.0%; and 3) step-up loyalty and exclusive members' offerings to drive frequency and lower cost of conversion for 5.5mn platform members."
