Why De Grey, Infomedia, Northern Star, & SEEK shares are storming higher

Northern Star Resources Ltd (ASX:NST) and SEEK Limited (ASX:SEK) are two of four ASX shares storming notably higher on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,058.1 points.

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

De Grey Mining Limited (ASX: DEG)

The De Grey share price has jumped a sizeable 10% to $1.53. Investors have been buying the gold explorer’s shares following the release of drill results from the Diucon-Eagle mining sites in the Hemi prospect. Management notes that these results confirm the presence of a large mineralised system in the west of Hemi, representing another step change to the gold endowment at Hemi.

Infomedia Limited (ASX: IFM)

The Infomedia share price is up 5.5% to $1.66. This morning the automotive software company announced the acquisition of automotive ecommerce platform SimplePart. It designs and manages ecommerce programs for some of the world’s leading car manufacturers, enabling them to sell directly to consumers. Infomedia has agreed to pay an upfront consideration of US$24.5 million (A$31.4 million), plus an earn-out of up to US$20.5 million over three years.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price has climbed 4.5% to $10.94. This follows a rise in the gold price overnight and the release of a positive broker note out of Ord Minnett. According to the note, the broker has retained its buy rating and lifted its price target to $13.50. The broker made the move after upgrading its earnings estimates to reflect stronger gold prices.

SEEK Limited (ASX: SEK)

The SEEK share price is up 3.5% to $31.76. This follows the announcement of a special dividend of 20 cents per share following the completion of its Zhaopin selldown. In addition, the job listings giant has upgraded its guidance for FY 2021 to reflect its stronger than expected performance in the SEEK Australia and Asia businesses.

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James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Infomedia. The Motley Fool Australia has recommended Infomedia and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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