Why Alumina, Aurelia Metals, Netwealth, & Piedmont Lithium are storming higher

These ASX shares are rising on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 7,265.8 points.

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

Alumina Limited (ASX: AWC)

The Alumina share price is up almost 4% to $2.23. This solid gain appears to have been driven by rising alumina prices. Demand has been increasing at a time when supply has been tightening. Much to the delight of Alumina and its shareholders, the company’s shares hit a 52-week high this morning.

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is up 4% to 31.7 cents. This follows the release of drilling results from its Great Cobar deposit. According to the release, exceptional copper-gold mineralisation was intercepted in follow-up drilling targeting down-plunge extensions. The Great Cobar deposit is located to the north of the company’s Peak Mine near Cobar, New South Wales.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is up 3.5% to $14.13. Today’s gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted its price target to $17.00. Credit Suisse believes that Netwealth could win a 15% share of the platform market by the end of the decade.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has jumped 5.5% to 77 cents. Investors have been buying this lithium developer’s shares recently after the price of the battery making ingredient increased further. Prices for battery-grade lithium carbonate rose 26.5% in China to 160,000 yuan (US$24,800) a tonne during the final two weeks of September.

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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 Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. 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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