In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 0.6% to 7,089.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price has jumped 10% to $1.07. A number of lithium shares are among the best performers on the ASX today. This could potentially be due to comments out of EV maker Rivian. Overnight, it spoke about the difficulties in sourcing raw materials and revealed that it will be following Tesla’s lead by switching to lithium iron phosphate (LFP) chemistry for its standard-level vehicles.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price is up 2.5% to $1.25. This morning the nickel producer revealed that it has cancelled its share purchase plan at the last minute after its shares sank well below the impending issue price of $1.37. This could mean that some shareholders that were taking part in the share purchase plan have been buying shares on-market today instead.
SG Fleet Group Ltd (ASX: SGF)
The SG Fleet share price is up 3% to $2.48. This morning the team at Morgan Stanley retained its overweight rating and $3.40 price target on the company’s shares. It believes recent share price weakness has created a buying opportunity for investors. Especially given its impressive performance during the first half.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 3% to $4.07. Yesterday Whitehaven Coal was named as one of three coal miners that Goldman Sachs rates as buys at present. Although the broker expects coal prices to pullback meaningfully from current levels, it has still made a notable upgrade to its price forecasts for the year. Goldman has a buy rating and $4.70 price target on its shares.
The post Why Core Lithium, Nickel Mines, SG Fleet, and Whitehaven Coal are pushing 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
- Up 414% in a year, why is the Core Lithium (ASX:CXO) share price leaping 11% today?
- ASX 200 (ASX:XJO) midday update: Block falls, Nickel Mines jumps
- Nickel Mines (ASX:NIC) has just withdrawn its share purchase plan. What’s going on?
- Nickel Mines (ASX:NIC) share price tumbles again, down 25% this week
- Why Goldman says to buy these ASX coal shares right now
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/cwWatgR
Leave a Reply