Why Karoon Energy, Pilbara Minerals, PointsBet, and Whitehaven Coal are rising

In late trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has slipped into the red. At the time of writing, the benchmark index is down 0.35% to 6,829.5 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 5.5% to $2.24. This follows the release of a positive update on the Bauna intervention campaign this morning. The company revealed that its second well intervention has been successful and oil production has increased strongly. Work has begun on a third well intervention.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has continued its ascent and is up a further 6.5% to $3.94. A number of lithium shares are rising strongly today amid optimism over lithium demand and supply constraints. Pilbara Minerals was given a boost yesterday by a broker note out of JP Morgan. Its analysts upgraded the company’s shares to an overweight rating with an improved price target of $4.10.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is up 2.5% to $2.23. This is despite there being no news out of the sports betting company. However, with the PointsBet share price down 37% in the space of a month, it is possible that some investors believe it has been oversold and created a buying opportunity.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 3.5% to $8.78. Investors have been buying Whitehaven Coal and other coal miners today after coal prices charged higher. This followed news that Russia has stopped pumping gas via the Nord Stream 1 pipeline to Europe, which is likely to lead to increased demand for coal in Europe.

The post Why Karoon Energy, Pilbara Minerals, PointsBet, and Whitehaven Coal are rising appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why broker JP Morgan just upgraded the Pilbara Minerals share price
• How are ASX 200 energy stocks performing on Tuesday?
• Whitehaven share price surges to yet another all-time high, here’s why
• The Whitehaven share price has surged 36% in a month. Why Morgans predicts more ‘supercharged returns’

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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