Why Beach, Chalice Mining, Nitro, and Rio Tinto shares are rising today

The S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is pushing higher. In afternoon trade, the benchmark index is up 0.4% to 7,203.5 points.

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

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up 2.5% to $1.69. Investors appear pleased that Beach has decided to withdraw from the race to acquire Warrego Energy Ltd (ASX: WGO). Beach will instead expand its current active exploration drilling program in the Perth Basin. It believes the bidding war demonstrates that the area is one of the most exciting gas plays in Australia.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 4% to $6.56. Investors have been buying this mineral exploration company’s shares this week following the release of promising drilling results from the Julimar Complex in Western Australia. Drilling at the greenfield Hooley Prospect, ~5km north of the current Gonneville Resource, has intersected a significant PGE-nickel-copper-cobalt-gold mineralisation.

Nitro Software Ltd (ASX: NTO)

The Nitro Software share price is up 2.5% to $2.11. This morning the company revealed that Potentia has increased its takeover offer by 10% to $2.00 cash per share. However, this is still lower than where Nitro’s shares trade today. This could be a sign that investors expect a further bid to be made.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up almost 3% to $117.59. This follows another rise in the benchmark iron ore price overnight to beyond US$110 a tonne. Not even news that Morgans has downgraded this mining giant’s shares to a hold rating has been able to stop its ascent. Morgans said: “Despite stable fundamentals, reduced value upside leaves us neutral on the large iron ore miners.”

The post Why Beach, Chalice Mining, Nitro, and Rio Tinto shares are rising today appeared first on The Motley Fool Australia.

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More reading

• Forecast for ASX 200 iron ore shares in 2023: bull vs bear
• Is this the beginning of a beautiful green hydrogen friendship between Fortescue and Rio Tinto?
• Warrego Energy share price slides as Hancock takeover offer trumps Beach
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares 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 Scott Phillips.

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