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Highlights
On Wednesday, the benchmark ASX 200 index rose 0.3% to 7,234 points.
The telecommunications services sector was the best performer.
There were several shares which managed to charge higher and gained as high as nearly 6%.
The Australian share market kicked off June with minor gains, buoyed by a 0.8% first quarter growth by the Australian economy. On Wednesday, the benchmark ASX 200 index rose 0.3% to 7,234 points. The telecommunications services sector was the best performer, followed by financials and industrials. There were several ASX shares which also managed to charge higher on Wednesday and gained as high as nearly 6% in the intra-day trade amid positive announcements and improvement in market sentiment.
On this note, let’s discuss why these three ASX-listed shares jumped on Wednesday:
Bailador Technology Investments Ltd (ASX:BTI)
Bailador Technology Investments invests in the media and information technology sectors. Within the technology sector, BTI covers several verticals including subscription-based internet businesses, eCommerce, online education, online marketplaces, SaaS, software, high-value data, telecommunication applications and services.
The BTI share price closed 5.80% higher at AU$1.46 on Wednesday. The stock was lapped up by investors after the company released an update on its dividend policy. BTI said that it would continue with its dividend policy of distributing 4% of its pre-tax net tangible assets (NTA) per annum. It also talked about including a special dividend of 2% of pre-tax NTA.
Fortescue Metals Group (ASX:FMG)
Fortescue Metals Group is a well-known global iron ore miner and is engaged in the exploration, development, production, processing, and sale of iron ore.
The FMG share price closed 3.23% higher at AU$20.76 on Wednesday. The share price may have risen on account of the rise in iron ore prices after hopes of a recovery in demand rose after China’s financial hub Shanghai was set to reopen, emerging from lockdowns.
Nufarm Ltd (ASX:NUF)
Nufarm is an Australian agricultural chemical company which holds more than 2,100 product registrations, and markets products in more than 100 countries around the world.
The NUF share price closed 1.89% higher at AU$5.39 on Wednesday. The share price may have risen following an increased activity by the bargain hunters, who found opportunity in the stock which had lost nearly 20% before Wednesday.
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