Why Karoon Energy, Kogan, Northern Star, and Pilbara Minerals shares are jumping today

The S&P/ASX 200 Index (ASX: XJO) has slipped into the red in afternoon trade. At the time of writing, the benchmark index is down slightly to 7,510.9 points.

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

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 6% to $1.89. This morning, analysts at Goldman Sachs suggested that investors buy this energy producer’s shares following weakness this week. It has a buy rating and $2.41 price target on its shares. This implies 28% upside even after today’s gain.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 17% to $5.11. Investors have been buying this ecommerce company’s shares after it released a first half update. Although Kogan’s sales were down 5.6% to $445.4 million for the half, its gross profit jumped 42.1% to $89.5 million thanks to margin expansion. Adjusted earnings before interest an tax is expected to be $14 million, up from a loss of $12.7 million.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 5% to $12.75. This follows the release of the gold miner’s quarterly update this morning. Northern Star reported gold sold of 412,000 ounces at an all-in sustaining cost (AISC) of A$1,824 an ounce. This puts it on course to achieve its guidance of 1,600,000 to 1,750,000 ounces at an AISC of A$1,730-A$1,790 an ounce in FY 2024.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 6% to $3.47. This has been driven by the release of a solid quarterly update from the lithium miner this morning. It reported a 22% increase in spodumene concentrate production to 176,000 tonnes and a 9% lift in sales to 146,400 tonnes. And while it also reported a 50% reduction in its realised price to US$1,113 per tonne, it remains very profitable thanks to its low costs.

The post Why Karoon Energy, Kogan, Northern Star, and Pilbara Minerals shares are jumping today appeared first on The Motley Fool Australia.

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More reading

• Kogan share price surges 17% as business strength returns
• Pilbara Minerals shares charge higher on rock solid Q2 update
• Why this ASX 200 energy stock could rise 35%
• 5 things to watch on the ASX 200 on Wednesday
• Why IDP Education, Karoon Energy, Liontown, and Zip shares are falling today

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 Goldman Sachs Group and Kogan.com. The Motley Fool Australia has recommended Kogan.com. 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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