The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher on Tuesday. In afternoon trade, the benchmark index is up 0.45% to 8,964 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up almost 8% to $1.73. This is despite there being no news out of the uranium producer today. However, it is worth noting that most uranium stocks are rallying today. And with short sellers having a high level of interest in Boss Energy shares, some could be buying shares to close positions.
Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is up almost 4% to $232.24. This appears to have been driven by a bullish broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded the investment bank's shares to an overweight rating with an improved price target of $270. The broker believes that Macquarie is well-placed to benefit from volatility in commodity markets. And while it concedes that its shares are not cheap, it still sees potential for a meaningful re-rating thanks to its positive earnings growth outlook. Morgan Stanley's price target implies potential upside of 16% over the next 12 months.
Nova Minerals Ltd (ASX: NVA)
The Nova Minerals share price is up almost 10% to 75.2 cents. Investors have been buying this gold explorer's shares following the release of drilling results from its flagship Estelle Gold and Critical Minerals Project, which is located in the prolific Tintina Gold Belt in Alaska. Management stated: "The 2025 surface sampling at Portage Pass has outlined a broad gold anomaly just over the ridge from the established Korbel deposit. The proximity to existing resources and proposed infrastructure makes Portage Pass particularly compelling. These early results reinforce our belief that the greater Estelle district continues to deliver new opportunities with real upside potential."
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is up 6% to $39.38. The catalyst for this has been a strong night of trade on Wall Street's Nasdaq index for software stocks. WiseTech isn't alone with its rise today. Most tech stocks are rising today. This has led to the S&P/ASX All Technology Index is up 2.55% at the time of writing.
The post Why Boss Energy, Macquarie, Nova Minerals, and WiseTech shares are storming higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and WiseTech Global. The Motley Fool Australia has positions in and has recommended Macquarie Group and WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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