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 standing on a path flanked by big green trees is surrounded by colourful balloons tumbling from the sky.
Share Gainers

Why did the Pure Hydrogen share price pop 21% today?

Why did Pure Hydrogen shares have such an amazing day today?

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Share Gainers

Why Coronado Global, Lake, Megaport, and REA shares are storming higher

These ASX shares are having a good day...

Read more »

A girl runs along with her kite flying high in the sky.
Share Gainers

3 ASX mining shares rocketing by more than 20% today

Up we go in another day of double-digit gains for the ASX metals and mining equity bucket.

Read more »

Two men laughing while bouncing on bouncy balls
Share Gainers

Why is the BrainChip share price bouncing 6% higher today?

What's causing the BrainChip share price to pop on Tuesday?

Read more »

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today
Share Gainers

Why is the Lake Resources share price powering up 17% today?

What's going on with the Lake Resources share price on Tuesday?

Read more »

A Cronos Australia farmer and ASX cannabis shares investor stands in a field of cannabis plants and smiles at the camera
Share Gainers

Why is the Incannex share price spiking 8% on Tuesday?

The stock has caught a bid on Tuesday.

Read more »

A little Asian girl is so excited by the bubbles coming out of her bubble machine.
Share Gainers

Why has the Redbubble share price burst 17% higher on Monday?

What pushed the e-commerce company's shares higher today?

Read more »

A cloud with a blue arrow pointing upwards through its middle symbolising a rising asx share price
Share Gainers

Guess which ASX tech share just soared 40% on takeover news

This small-cap ASX tech share has shot up 40% today.

Read more »