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

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 »

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 male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »