In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a heavy decline. At the time of writing, the benchmark index is down 1.3% to 7,019.6 points.
Four ASX shares that aren’t letting that hold them back are listed below. Here’s why they are racing higher:
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up 4.5% to 33.5 cents. Investors have been buying this lithium developer’s shares amid news that it has completed the brine systems work at the Rincon Lithium Project. All in all, this puts the company on track to achieve its first production of lithium carbonate in the middle of the year.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price has jumped almost 14% to $1.32. This has been driven by a strong rise in the gold price overnight and news that the gold explorer’s shares will be added to the illustrious ASX 200 index at the next quarterly rebalance on 22 March.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 3.5% to $4.13. Investors have been buying this miner’s shares again on Monday in response to another strong rise in the thermal coal price. According to CommSec, the thermal coal price rose 13.2% on Friday to US$418.75 a tonne. Traders have been bidding up coal prices on the belief that Europe will switch to it to avoid Russian natural gas.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price has jumped 9% to $34.34. Investors have been bidding this energy producer’s shares higher again following another strong rise in oil prices. Prices reached a 13-year high of US$130 a barrel briefly amid speculation that Russian oil could soon be banned. This has heightened fears of supply issues.
The post Why Argosy Minerals, De Grey, Whitehaven, and Woodside shares are racing higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Why the Ukraine crisis is shining the spotlight on ASX coal shares
- ‘Significant milestone achieved’: Argosy (ASX:AGY) share price accelerates on Rincon update
- The oil price just hit a 13-year high, and these ASX 200 shares are surging
- ASX 200 (ASX:XJO) midday update: AGL rejects new takeover offer, Appen makes strategic investment
- Why the De Grey Mining (ASX:DEG) share price is shooting 12% higher 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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/qQ1TlmW
Leave a Reply