Why API, Chalice Mining, GUD, and Worley shares are charging higher

Here's why these ASX shares are on form today…

| More on:
Rising share price chart.

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

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 7,206.7 points.

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

Australian Pharmaceutical Industries Ltd (ASX: API)

The API share price has jumped 17% to $1.75. This follows news that Woolworths Group Ltd (ASX: WOW) has outbid rival Wesfarmers Ltd (ASX: WES) for the pharmacy chain operator. Woolworths has made a $1.75 cash per share offer, which represents a 20 cents per share or 12.9% increase over Wesfarmers' offer. Judging by the share price reaction, it appears as though investors believe Wesfarmers will come back with an improved offer.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 2% to $9.57. This morning the mineral exploration company revealed that a new shallow high-grade PGE-Ni-Cu-Co sulphide discovery has been made at Chalice-owned farmland within the 100%-owned Julimar Project. This is a significant discovery as the new zone is located immediately south of the ~6.5km long Hartog AEM anomaly.

GUD Holdings Limited (ASX: GUD)

The GUD share price is up over 2.5% to $11.07. Investors have been buying the diversified products company's shares following the release of a broker note out of Citi. According to the note, the broker has retained its buy rating and lifted its price target on the company's shares to $15.70. This follows the announcement of its acquisition of Auto Pacific Group for approximately $744.6 million.

Worley Ltd (ASX: WOR)

The Worley share price is up 3.5% to $9.83. This appears to have been driven by a bullish broker note out of Morgan Stanley this morning. According to the note, its analysts have upgraded the engineering company's shares to an overweight rating with an improved price target of $12.00. The broker expects Worley to benefit from the clean energy transition.

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 Wesfarmers 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 Gainers

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Gainers

Here are the top 10 ASX 200 shares today

It was a shaky, but positive start to the trading week for ASX shares today.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Bannerman Energy, Cettire, TechnologyOne, and Zip shares are charging higher

These ASX shares are having a great start to the week. But why?

Read more »

A happy girl in a yellow playsuit with a zip gives the thumbs up
Share Gainers

If I'd put $5,000 into Zip shares on 9 October, here's what I'd have now!

The stars have been aligning for Zip shares.

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an awful end to the trading week for ASX investors this Friday.

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Beach, Clinuvel, Deep Yellow, and EML shares are charging higher today

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

Read more »

Man smiling at a laptop because of a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a fairly miserable day on the share market this Thursday.

Read more »

A smiling miner wearing a high vis vest and yellow hardhat and working for Superior Resources does the thumbs up in front of an open pit copper mine, indicating positive news for the company's share price today following a significant copper discovery
Resources Shares

Why are ASX copper shares having such a bumper day?

ASX copper shares are making investors very happy indeed this Thursday.

Read more »

woman using affirm to pay
BNPL shares

Up 288% in 6 months, Zip share price tipped for more outsized gains

Zip shares have rocketed 288% in just six months.

Read more »