Why Allkem, Newcrest, Orica, and SSR shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.6% to 6,999.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Allkem Ltd (ASX: AKE)

The Allkem share price is up 2% to $15.78. This may have been driven by a broker note out of Macquarie. According to the note, thanks to stronger than expected lithium prices, the broker has upgraded its earnings estimates. This has led to Macquarie retaining its outperform rating and lifting its price target to $21.00.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is up over 6% to $19.32. This follows a rise in the gold price overnight and the release of the gold miner’s annual general meeting update. At the meeting, management spoke positively about its response to inflationary pressures. Thanks to the implementation of measures such as long-term and fixed-price contracts for maintenance, fuel, and energy, and logistic costs, Newcrest expects to contain cost growth to a range of around 6% to 8% in FY 2023.

Orica Ltd (ASX: ORI)

The Orica share price is up over 7% to $15.13. Investors have been buying this commercial explosives company’s shares following the release of its full year results. For the 12 months, Orica reported underlying EBIT of $579 million. This was a 36% increase year over year. Management advised that this was driven by its refreshed strategy and improved market conditions.

SSR Mining Inc (ASX: SSR)

The SSR share price is up 9% to $21.64. This morning this gold miner released its third quarter update and reported production of 106,919 ounces and an AISC of $1,901 per ounce. However, SSR still posted a quarterly loss of US$25.8 million and downgraded its full year guidance. Investors appear to have been expecting an even worse update.

The post Why Allkem, Newcrest, Orica, and SSR shares are rising today appeared first on The Motley Fool Australia.

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More reading

• Why is the Newcrest share price surging 5% on Wednesday?
• Top brokers name 3 ASX shares to buy today
• 5 things to watch on the ASX 200 on Wednesday
• Why did ASX lithium shares smash the market on Tuesday?
• Here are the top 10 ASX 200 shares today  

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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 Scott Phillips.

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