The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up slightly to 7,059.6 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Alkane Resources Limited (ASX: ALK)
The Alkane Resources share price is up 12% to 64.5 cents. This morning, the gold miner upgraded its FY 2023 guidance for the Tomingley Gold Operation. Alkane now expects production of 62,000 ounces to 70,000 ounces. This is up from its previous guidance range of 55,000 to 60,000 ounces. In addition, it has revised its cost guidance lower for the year.
Appen Ltd (ASX: APX)
The Appen share price is up a further 3% to $2.67. This artificial intelligence data services companyâs shares have been given a boost from a broker note out of Jefferies this week. Its analysts believe Appen will deliver revenue of US$393 million in FY 2022, which is at the top end of its guidance range.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is up 9% to 37.5 cents. This follows news that Gina Rinehartâs Hancock Energy has increased its takeover offer for the energy explorer. Hancock has lifted its offer by 28.6% to 36 cents per share. With its shares trading higher than this, investors appear to be betting that a competing offer will be made.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 8% to 60 cents. This is despite there being no news out of the buy now pay later (BNPL) provider today. Though, it is worth noting that a number of BNPL shares are rising today following a strong night of trade for Wall Street listed Affirm. Investors may believe the industry was oversold in 2022.
The post Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today appeared first on The Motley Fool Australia.
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More reading
- Warrego Energy share price rockets 9% as Rinehart doubles down on takeover
- Can you guess which ASX gold share is surging 15% on Thursday?
- Why Appen, Hub24, Northern Star, and PointsBet shares are racing higher today
- The Zip share price crashed 88% in 2022. Can it recover in 2023?
- Here are the 10 most shorted ASX shares
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 Appen and Zip Co. 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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