Why Bellevue Gold, South32, Starpharma, and Tuas shares are pushing higher

These ASX shares are on form on Wednesday…

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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

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The S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but remains on course to start the month with a decline. In afternoon trade, the benchmark index is down 0.6% to 7,214.5 points.

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

Bellevue Gold Ltd (ASX: BGL)

The Bellevue Gold share price is up 3.5% to 82.3 cents. This morning the gold developer announced that it has executed its project loan facility of $200 million with Macquarie Group Ltd (ASX: MQG). Combined with its existing cash reserves of $188 million, this means development of the Bellevue Gold Project in Western Australia is fully funded through to production and cashflow.

South32 Ltd (ASX: S32)

The South32 share price is up 3.5% to $3.65. This could be a delayed reaction to a bullish broker note out of Citi on Tuesday. According to the note, the broker has retained its buy rating and lifted its price target on the mining giant’s shares to $4.45. Citi lifted its valuation to reflect the acquisition of a 45% interest in the Sierra Gorda Copper Mine.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price has jumped 10.5% to $1.20. Investors have been buying the dendrimer products developer’s shares after it announced that its antiviral nasal spray will be launched in Vietnam this week. Starpharma recently signed initial distribution agreements to supply 100,000 units in the country and is finalising a contract for ongoing supply of the product.

Tuas Ltd (ASX: TUA)

The Tuas share price has surged 14.5% to $1.98. This telco’s shares have been storming higher this week after announcing the acquisition of additional 5G spectrum in Singapore. The licence of the spectrum is 15 years in duration and requires it to be used for standalone 5G network services. TPG Singapore intends to move quickly to commence rolling out 5G equipment.

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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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Macquarie Group Limited and Starpharma Holdings 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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