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

These ASX shares are on form on Tuesday…

| More on:
A graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »