The S&P/ASX 200 Index (ASX: XJO) has followed Wall Streetâs lead and is on course to end the week in the red. At the time of writing, the benchmark index is down 0.55% to 7,166.1 points.
Four ASX shares that have not let that hold them back today are listed below. Hereâs why they are rising:
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is up 4% to $3.87. This morning this rail freight operator announced the sale of the East Coast Rail (ECR) business. Aurizon expects to receive cash proceeds of approximately $425 million, which represents the equity value of ECR. The purchaser, Magnetic Rail Group, will also assume ECRâs existing debt facilities. This divestment was required to gain approval for the acquisition of One Rail Australia.
Norwest Energy NL (ASX: NWE)
The Norwest Energy share price is up 33% to 6 cents. Investors have been buying this energy explorerâs shares after Mineral Resources Ltd (ASX: MIN) announced plans to make a takeover offer. Mineral Resources intends to make an all-scrip offer that equates to 6 cents per share. The two parties own the Lockyer Deep joint venture.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is up 2% to $115.85. This follows a rise in iron ore prices overnight. In addition, this morning, Goldman Sachs retained its buy rating on the mining giantâs shares with an improved price target of $119.20. Goldman notes that Rio Tintoâs shares have a â[c]ompelling valuation: trading at c. ~0.95x NAV.â
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is up 2% to 35.2 cents. Investors have responded positively to news that the energy developer plans to test the Southwest Erregulla and Erregulla Deep prospective resource. Management believes this has high impact and low risk upside resource potential.
The post Why Aurizon, Norwest, Rio Tinto, and Strike Energy shares are rising today appeared first on The Motley Fool Australia.
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More reading
- Why is the Norwest Energy share price rocketing 31% on Friday?
- Mineral Resources share price lower despite Norwest Energy takeover offer
- Why is the Rio Tinto share price wallowing on Wednesday?
- Why is the Fortescue share price tanking on Tuesday?
- 5 things to watch on the ASX 200 on Tuesday
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 recommended Aurizon. 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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