In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has rebounded strongly from intraday lows but remains in the red. At the time of writing, the benchmark index is down 0.6% to 6,720.9 points.
Four ASX shares that are not letting that hold them back today are listed below. Hereâs why they are charging higher:
Liontown Resources Limited (ASX: LTR)
The Liontown share price is up 4% to $1.11. This morning this lithium developer announced offtake and funding agreements with auto giant Ford. In light of these developments, the Liontown board has given its approval to the development of the Kathleen Valley Lithium Project.
Metcash Limited (ASX: MTS)
The Metcash share price is up almost 3% to $4.30. This may have been driven by solid Australian retail sales data. In addition, this week a number of brokers responded positively to the companyâs full year results release. UBS, for example, has put a buy rating and $5.00 price target on the company’s shares.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is up 3% to $2.79. This morning the casino and resorts operator named its new CEO. According to the release, Robbie Cooke will join the company after serving his notice period at payments company Tyro Payments Ltd (ASX: TYR). Prior to leading Tyro, Cooke was in charge of the lotteries, wagering, and gaming operations for Tatts Group.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is up 6.5% to $2.29. This morning the semiconductor company announced that it has released its demonstration chips to SkyWaterâs production fab. Management believes that this marks a significant milestone towards commercialisation into the semiconductor market. It also revealed that it is in discussions with early-adopter customers looking to leverage its faster memory technology to increase their competitiveness in the market.
The post Why Liontown, Metcash, Star, and Weebit Nano shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares on Wednesday
- 3 ASX All Ords shares dodging selling pressure on Wednesday
- Why is the Weebit Nano share price charging 5% higher today?
- ASX 200 midday update: Carsales sinks, Liontown jumps on Ford agreements
- Liontown share price jumps 17% following ‘momentous milestone’
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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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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