The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a heavy decline. In afternoon trade the benchmark index is down a sizeable 6.3% to 5,189.3 points.
Not all shares have been dragged lower today. Here’s why these four ASX shares are pushing higher:
The Cardinal Resources Ltd (ASX: CDV) share price rocketed 40% to 35 cents before being placed in a trading halt this morning. This follows the receipt of a non-binding takeover approach by Nord Gold today. Nord Gold appears to be serious, though. This morning it became a substantial shareholder with a 19.9% stake in the mineral exploration company.
The Coles Group Ltd (ASX: COL) share price is up 1.5% to $16.33. Investors appear to be buying Coles due to the belief that it will be one of the few winners from the coronavirus outbreak. This follows an escalation in panic buying from shoppers over the weekend which resulted in many of its shelves being stripped bare.
The Karoon Energy Ltd (ASX: KAR) share price has risen 2.5% to 40 cents. This oil and gas exploration company’s shares have more than halved in value since this time last month following a collapse in oil prices. I suspect that bargain hunters may have been swooping in today, especially after oil prices rebounded on Friday night following the U.S. government’s decision to make a significant purchase of oil for its reserves.
The Woolworths Group Ltd (ASX: WOW) share price is up 2.5% to $37.90. Once again, this share price gain appears to have been driven by reports of rampant panic buying across the country in supermarkets. Unlike many companies on the ASX 200 index right now, Coles and Woolworths are likely to have good visibility on their future earnings despite the coronavirus outbreak.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.