The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. In afternoon trade, the benchmark index is down 1.25% to 7,342.7 points.
Four ASX shares that have defied the market selloff today are listed below. Here’s why they are rising:
Alkane Resources Limited (ASX: ALK)
The Alkane share price is up 4% to $1.06. This follows the release of an update on the gold miner’s Roswell Deposit. According to the release, it has been updated after an additional 7,000 metres of drilling and now stands at approximately 904,000 ounces. This is up 37% from its previous estimate.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is up 2% to $7.09. Investors have been buying this mineral exploration company’s shares following the release of further promising drilling results from the world class Julimar project. Chalice Managing Director and Chief Executive Officer, Alex Dorsch, said: “With each new round of drilling results, the scale, quality and potential upside of this world-class critical minerals system just keeps getting better and better.”
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is up 4% to $3.12. This appears to have been driven by a positive response to the sports betting company’s third quarter update from Goldman Sachs. The broker has retained its buy rating with a $5.78 price target. It notes that PointsBet’s revenue was in line whereas its cash burn/marketing was better-than-expected.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is up 2.5% to $5.75. The catalyst for this was the release of a trading update by the airline operator. That update revealed that domestic travel numbers are rebounding faster than expected. This is expected to underpin second half underlying EBITDA of $450 million to $550 million, which will be a big improvement on Qantas’ first half EBITDA loss of $245 million.
The post Why Alkane, Chalice Mining, PointsBet, and Qantas shares are rising today appeared first on The Motley Fool Australia.
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*Returns as of January 12th 2022
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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