Why De Grey Mining, Gold Road, Nick Scali, & Redbubble shares are racing higher

These ASX shares are on form on Tuesday…

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is dropping on Tuesday. In afternoon trade, the benchmark index is down 0.4% to 7,250.9 points.

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

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up 9% to $1.05. This morning the gold developer announced the outcomes of its scoping study at the Mallina Gold Project in the Pilbara. Management advised that the scoping study has found clear opportunities for improvement. It also revealed that it expects average gold production of 473,000 ounces per annum for the first five years.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price has stormed 6% higher to $1.32. This appear to have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. According to the note, the broker has retained its outperform rating and $1.40 price target on the gold miner’s shares.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price has continued its ascent and is up a further 3% to $12.51. Investors have been buying the furniture retailer’s shares this week after it announced the $103 million acquisition of rival Plush. It is a specialist Australian sofa retailer, operating a network of 46 showrooms across six Australian states and territories.

Redbubble Ltd (ASX: RBL)

The Redbubble share price is up 7% to $4.46. This appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has initiated coverage on the ecommerce company’s shares with an overweight rating and $6.50 price target. This implies potential upside of almost 46% even after today’s strong gain.

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 owns shares of and has recommended Macquarie Group 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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