The S&P/ASX 200 Index (ASX: XJO) looks to have run out of steam on Thursday and is on course to end its winning streak. In late morning trade, the benchmark index is down 0.5% to 6,791.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Alliance Aviation Services Ltd (ASX: AQZ)
The Alliance Aviation share price has jumped 10% to $4.32. Investors have been buying the airline operator’s shares after it announced a material agreement with Qantas Airways Limited (ASX: QAN). That deal will see Alliance lease up to 14 E190 aircraft with at least one crew member to the airline giant. The agreement is initially for three aircraft and will be based in Adelaide and Darwin. It will be servicing the Adelaide–Alice Springs, Darwin–Alice Springs, and Darwin–Adelaide routes.
REA Group Limited (ASX: REA)
The REA Group share price is up 2.5% to $158.95. Investors appear to be buying the property listings company’s shares in anticipation of the release of a strong half year result on Friday morning. However, one broker that isn’t buying shares is Credit Suisse. This morning it retained its neutral rating and $137.70 price target on its shares. It expects some of its first quarter operating cost reductions to have reversed in the second quarter.
SEEK Limited (ASX: SEK)
The SEEK share price is up 3% to $30.46. Credit Suisse is a lot more positive on SEEK. This morning it reiterated its outperform rating and lifted its price target to $31.30. It is another broker which is tipping the job listings company to increase its full year guidance with its half year results. As I mentioned here earlier, Goldman Sachs is tipping the company to do the same.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has jumped 16% to $9.10. This morning the clean lithium company announced the receipt of firm commitments for its $120 million institutional placement. Vulcan is raising the funds at $6.50 per new share, which represents a 17% discount to its last close price. The cornerstone investor in the placement was Gina Rinehart’s Hancock Prospecting.
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Returns as of 6th October 2020
More reading
- Here’s why the Vulcan Energy (ASX:VUL) share price is storming 14% higher
- Alliance Aviation (ASX:AQZ) share price surges 13% higher on Qantas (ASX:QAN) deal
- Leading broker tips 3 ASX shares to positively surprise during earnings season
- Millionaire maker! Rent.com.au (ASX:RNT) share price now up 300% in a week
- ASX 200 jumps 1.5%, RBA doubles QE, Afterpay soars
Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended REA Group Limited and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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