Why Afterpay, Core Lithium, De Grey Mining, & Pro Medicus are storming higher

These ASX shares are on form today…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get back into positive territory but has just fallen short. At the time of writing, the benchmark index is down 0.1% to 7,292.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price has jumped 6.5% to $130.81. Investors have been buying the payments company’s shares after it announced the expansion of its one-time card footprint. The buy now pay later provider will now let users shop with some of the most popular and largest merchants in the United States. This includes Amazon, Nike, Nordstrom, Target, and Walgreens. Combined, the new additions represent almost half of all U.S. ecommerce volume.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price has risen 3.5% to 23.3 cents. Interestingly, this gain has been driven by the discovery of gold and not lithium. As part of its search for lithium-bearing pegmatite resources at the Finniss Lithium Project in the Northern Territory, Core identified numerous signs commonly associated with gold deposits in nearby locations.

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up 11% to $1.37. This appears to be a delayed reaction to yesterday’s mineral resource update. That update revealed that the measured and indicated mineral resources across the Mallina Gold Project comprise 3.8M ounces at 1.4g per tonne of gold. This is being underpinned largely by the Hemi deposit, which contributes 2.8M ounces at 1.3g per tonne of gold.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price has jumped 7% to $57.15. This is despite there being no news out of the health imaging company. Furthermore, Pro Medicus’ shares are surging higher even though they were downgraded by analysts at Morgans today. The broker has downgraded them to a reduce rating but lifted its price target to $49.69. It made the move on valuation grounds.

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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. owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. 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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