Why Codan, Medallion, Megaport, and Mineral 260 shares are storming higher today

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. In afternoon trade, the benchmark index is down 0.1% to 8,621.3 points.

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

Codan Ltd (ASX: CDA)

The Codan share price is up 3% to $39.67. This has been driven by a bullish broker note out of Macquarie this morning. According to the note, the broker has upgraded the technology company’s shares to an outperform rating with a $44.20 price target. The broker is feeling bullish on the company’s exposure to the booming UAV market.

Medallion Metals Ltd (ASX: MM8)

The Medallion Metals share price is up 4.5% to 45.5 cents. This morning, the gold developer released positive drilling results from the Kundip Mining Centre, which is part of its Ravensthorpe Gold Project in Western Australia. Management revealed that drilling has returned multiple high-grade results at Kundip. Commenting on the results, Medallion’s managing director, Paul Bennett, said: “As expected, drilling at Kundip continues to yield some impressive grades over mineable widths. This drilling is targeting the early stages of the mine plan at both Gem and Harbour View, where the intention is to establish production horizons on both lodes within what we believe are the best parts of the deposits.”

Megaport Ltd (ASX: MP1)

The Megaport share price is up 35% to $13.27. Investors have been scrambling to buy the network solutions company’s shares after it announced another major contract win for its Latitude.sh business. It has secured three major GPU, CPU, network, and storage contracts across two customers with a combined total contract value (TCV) of approximately US$182.9 million (A$254 million). Megaport’s CEO, Michael Reid, said: “We are at the forefront of an accelerating inflection point across the industry. As use cases shift from AI foundation models to inference and the edge, Megaport is becoming an essential platform for powering the applications of tomorrow with globally distributed, automated infrastructure.”

Minerals 260 Ltd (ASX: MI6)

The Minerals 260 share price is up 4% to 88.5 cents. This morning, this gold miner announced binding agreements with Geko Explore to secure joint venture interests across approximately 350km2 of highly prospective tenure. These are contiguous with its 4.5Moz Bullabulling Gold Project in Western Australia. Minerals 260’s managing director, Luke McFadyen, said: “The joint ventures with Geko Explore represent another significant step in realising the growth and value potential of the Bullabulling Gold Project. The transaction consolidates the most prospective exploration tenements surrounding Bullabulling not already owned by Minerals 260 and unlocks a new pipeline of compelling exploration targets.”

The post Why Codan, Medallion, Megaport, and Mineral 260 shares are storming higher today appeared first on The Motley Fool Australia.

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• Megaport secures $254 million in contracts, boosts ARR and outlook
• After a 50% surge, could this ASX tech stock still double?

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