Why Carnaby Resources, News Corp, Piedmont Lithium, and PointsBet shares are pushing higher

These ASX shares are on form on Friday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.2% to 7,066.2 points.

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

Carnaby Resources Ltd (ASX: CNB)

The Carnaby Resources share price has rocketed 41% to $1.92. Investors have been buying the mineral exploration company's shares after it reported a major copper gold discovery at its Nil Desperandum Prospect in Queensland. According to the release, a reverse circulation drill hole intersected a strong 50 metre down hole zone of copper sulphide mineralisation from 250 metres to bottom of hole. Based on visual estimates, the zone contains up to 30% chalcopyrite.

News Corp (ASX: NWS)

The News Corp share price is up 5.5% to $33.29. Investors have been buying the media giant's shares following the release of its second quarter and half year update. For the second quarter, News Corp reported a 13% increase in revenue and an 18% lift in EBITDA. This led to a first half operating profit of almost US$1 billion, which is up 30% year on year.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is up 2.5% to 67 cents. This follows the release of an update on its 2022 lithium development plans. Piedmont revealed that it expects to double its US lithium hydroxide production to 60,000 tonnes per year. All in all, it ultimately plans to produce or have offtake rights to an estimated 500,000 tonnes per year of SC6 production.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 2.5% to $5.04 following an update on its North American operations. That update reveals that its PointsBet Canada business has officially been approved by the Alcohol and Gaming Commission of Ontario as a licensed sportsbook in Ontario. This license will become effective on 4 April 2022. Ontario is home to Canada's capital, Ottawa, and has a population of over 14.8 million people and a host of professional sports teams.

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 and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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