The S&P/ASX 200 Index (ASX: XJO) is having a tough session on Thursday. In afternoon trade, the benchmark index is down 0.4% to 7,284.9 points.
Four ASX shares that are not letting that hold them back are listed below. Hereâs why they are charging higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 4% to $11.77. This appears to have been driven by speculation that the lithium miner could be a takeover target. A source told The Australian that Rio Tinto Ltd (ASX: RIO) âcould make a playâ for Allkem. Now could be a good time for Rio Tinto to pounce, according to the source, given the lower lithium prices.
Blackmores Ltd (ASX: BKL)
The Blackmores share price is up 22% to $93.61. This follows news that the health supplements company has accepted a takeover offer from Japanâs Kirin. The two parties have entered into a scheme implementation deed that will see Kirin acquire 100% of Blackmoresâ issued share capital for $95 per share. This is less any special dividend declared prior to its implementation.
Helloworld Travel Ltd (ASX: HLO)
The Helloworld share price is up 9% to $2.93. Investors have been buying this travel booking companyâs shares following the release of a trading update. Helloworld revealed that on a continuing operations basis, its underlying EBITDA for the third quarter was $14.2 million. This is up from an underlying EBITDA loss of $4.9 million in the prior corresponding period.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is up 3% to 45.2 cents. This follows the release of the gold miner’s quarterly update. That update revealed that St Barbara delivered its sixth successive quarter of production growth and a reduction in its all-in sustaining cost.
The post Why Allkem, Blackmores, Helloworld, and St Barbara shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- 3 ASX 300 mining shares climbing following quarterly updates
- Allkem share price pops amid Rio Tinto takeover rumours
- 2 ASX All Ordinaries stocks leaping higher following strong quarters
- Blackmores share price rockets 22% on $1.9 billion takeover bid
- Why has the Rio Tinto share price dived 9% in 5 days?
Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Helloworld Travel. The Motley Fool Australia has positions in and has recommended Helloworld Travel. The Motley Fool Australia has recommended Blackmores. 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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