In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.8% to 7,150.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 6% to $1.27. This is despite there being no news out of the lithium developer today. However, a number of emerging lithium players are rising today. Investors appear to believe they have been oversold during recent market volatility.
Perenti Global Ltd (ASX: PRN)
The Perenti Global share price is up 15% to 79.8 cents. Investors have been buying this engineering company’s shares after it announced a major contract win. According to the release, Evolution Mining Ltd (ASX: EVN) has awarded Perenti a contract for all the underground development and production works for its Cowal Underground project. This contract is estimated to be worth $520 million.
Strandline Resources Ltd (ASX: STA)
The Strandline Resources share price is up 6% to 36 cents. This morning the minerals sands company revealed that construction of its 100%-owned Coburn mineral sands project in Western Australia is now 75% complete. This means the company remains on track for its first production of heavy mineral concentrate later this year.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is up 3% to $5.60. Investors have been buying this coal miner’s shares after an independent expert concluded that a low-ball takeover offer was not in the best interests of shareholders. Yankuang Energy Group – Yancoal’s parent company and controlling shareholder – was hoping to snag the company at a discount of $5.07 per share.
The post Why Core Lithium, Perenti, Strandline, and Yancoal shares are pushing higher appeared first on The Motley Fool Australia.
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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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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