The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and pushing higher. At the time of writing, the benchmark index is up 0.9% to 8,582.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
Elders Ltd (ASX: ELD)
The Elders share price is up 1.5% to $5.63. Investors have been buying the agribusiness company's shares today following a 23% decline on Monday. Bell Potter would likely be supportive of this buying. This morning, the broker retained its buy rating with a reduced price target of $6.45 (from $9.00). It said: "1H26 was a consensus miss on higher SYSMOD linked costs and to a degree reflects dual running costs that should reduce into FY27e. However, this was poorly communicated and largely mitigated the benefit of operating leverage. Delivering on the promise of Delta, backward integration and SYSMOD, while unwinding duplicate cost structures are central to EPS growth, but this needs to be done in a potentially more difficult 2HCY26 seasonal backdrop with a CEO transition."
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is up over 3% to $5.50. This may have been driven by a broker note out of Macquarie this morning. In response to the coal miner's quarterly update, the broker has put an outperform rating and $7.00 price target on its shares. This implies potential upside of 27% for investors over the next 12 months.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is up a further 3.5% to $131.13. Investors have been buying the health imaging technology company's shares this week after it announced a seven-year, A$90 million contract with Boston-based Beth Israel Lahey Health. This will see the company's cloud-based Visage 7 Enterprise Imaging Platform implemented throughout Beth Israel Lahey Health providing a unified diagnostic imaging platform. Pro Medicus' CEO, Dr Sam Hupert, said: "Our pipeline remains strong and spans all market segments. This deal is for our 'full stack' comprising all three core Visage products, namely viewer, workflow and archive, a trend we see continuing."
Tuas Ltd (ASX: TUA)
The Tuas share price is up 25% to $2.84. Bargain hunters have been snapping up this Singapore-based telco company's shares following a massive decline on Monday. Investors have been selling its shares after it revealed that its Simba business has allegedly been using spectrum that it doesn't own. In light of this, the Infocomm Media Development Authority of Singapore (IMDA) has suspended its review of Tuas' proposed acquisition of M1 Limited for S$1.43 billion. The company said: "The circumstance identified by the IMDA as giving rise to its decision to suspend the review is that it had learned that Simba may have been using radio frequency bands that it was not authorised to use, which would be a breach of the Telecommunications Act and the conditions of Simba's Facilities-Based Operations Licence."
The post Why Elders, New Hope, Pro Medicus, and Tuas shares are storming higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Elders and Pro Medicus. 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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