Why Chalice Mining, CSL, Megaport, and Pro Medicus shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.6% to 8,632.8 points.

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

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 5% to $1.56. This may be a delayed reaction to the release of a promising announcement from the mineral exploration company on Thursday. Chalice Mining reported significant new results from rock chip sampling and ground geophysics at the recently defined Deep Blue Copper-Molybdenum-Silver-Rare Earth Element (REE) target. It highlights that “highly anomalous Cu-REE results in rock chips [were] taken in area of isolated outcrop, within a ~2.5km long, coherent copper-molybdenum-silver soil anomaly.”

CSL Ltd (ASX: CSL)

The CSL share price is up 5% to $97.58. This appears to have been driven by relative strength in the healthcare sector on Friday. In addition, it is worth noting that CSL revealed some insider buying this morning. Its director, Carolyn Hewson AO, picked up almost $100,000 worth of CSL shares through an on-market trade this week.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 9% to $18.16. Investors have been buying this network solutions company’s shares following the completion of an institutional entitlement offer. Megaport raised approximately $518 million at $14.30 per share. This represents a 13.9% discount to its last close price. In addition, Megaport revealed that it has secured four new AI infrastructure contracts with combined Total Contract Value (TCV) of approximately $458.9 million. The company’s CEO, Michael Reid, said: “This exceptional outcome reflects the strong support of our institutional shareholders and their confidence in our strategy. By combining Megaport’s global footprint of more than 1,100 data centres in 31 countries with Latitude.sh’s platform capabilities, we are building a Globally-Distributed AI Inference Cloud designed to support AI at global scale. We now look forward to our retail shareholders having the same opportunity to participate on a pro rata basis. We’re just getting started. Game on!”

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is up 4% to $165.90. Yesterday, this health imaging technology company advised that its Visage Imaging business signed a five-year, A$16 million contract renewal with The Ohio State University Wexner Medical Center (OSUWMC). This includes the additions of Visage 7 Workflow and Visage 7 Cardiology Imaging. Pro Medicus’ CEO, Dr Sam Hupert, said: “OSUWMC provides world class, acclaimed patient care. Renewing this contract, to now include the additions of Visage 7 Workflow and Visage 7 Cardiology Imaging, confirms our belief that we have extensive native capabilities that Visage customers appreciate as they seek to retire legacy solutions and continue to scale their Visage 7 Enterprise Imaging Platform.”

The post Why Chalice Mining, CSL, Megaport, and Pro Medicus shares are racing higher appeared first on The Motley Fool Australia.

More reading

• 7 ASX 200 shares with strengthened buy ratings this week
• 6 ASX 200 shares downgraded by analysts this week
• 3 ASX 200 stocks racing higher in this week’s slumping market
• Up 183% since April, why the Megaport share price is tipped to keep charging higher
• ‘Game on!’ Why Megaport shares are rocketing 27% today

Motley Fool contributor James Mickleboro has positions in CSL, Megaport, and Pro Medicus. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Megaport. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended CSL and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.