Surge in Accent, Syrah, and Xero Shares: What's Behind the Rally?

October 30, 2023 04:19 PM AEDT | By Team Kalkine Media

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Surge in Accent, Syrah, and Xero Shares: What's Behind the Rally? — Image source: Ground Picture

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ASX shares are kicking off the week on a positive note. Despite a slight rebound from earlier intraday lows, the S&P/ASX 200 Index is still down by 0.45%, settling at 6,797 points in the afternoon trade. Below, we highlight three ASX shares that are defying this trend, experiencing significant gains. Here's what's driving their upward momentum:

Accent Group Ltd (ASX: AX1)

Accent Group's share price has surged by 2.5% to $1.86. This boost seems to be influenced by a recent report from Citi released earlier today. Analysts have opted to maintain their buy rating and a price target of $2.12 after reviewing an update from a US peer. The report indicates strong momentum for several of Accent's brands.

Syrah Resources Ltd (ASX: SYR)

Syrah Resources has witnessed its share price rise by nearly 7% to 75.2 cents. Investors remain keen on this graphite producer's shares following reports that China is planning to limit exports of the crucial battery-making material. Management has responded to this news, stating that "near-term China supply uncertainties benefit Syrah's development and commercial position."

Xero Limited (ASX: XRO)

Xero's share price has risen by 3% to reach $107.69. A positive broker note from Jefferies and a strong session for tech shares are believed to be the driving forces behind this increase. In relation to the Jefferies report, analysts have raised their price target to $122.63, indicating a potential 14% upside for investors from current levels.

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