Why Allkem, DGL, Nanosonics, and Rio Tinto shares are pushing higher today

These ASX shares are having a strong session…

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The S&P/ASX 200 Index (ASX: XJO) is defying the weakness on Wall Street and pushing higher. In afternoon trade, the benchmark index is up 0.45% to 7,427.6 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Allkem Ltd (ASX: AKE)

The Allkem share price is up almost 3% to $12.59. This follows a positive response to the lithium miner's quarterly update from brokers. For example, Bell Potter has retained its buy rating with a $19.36 price target. It was pleased with the record performance of the company's Olaroz operation and notes that costs were lower than it was forecasting.

DGL Group Ltd (ASX: DGL)

The DGL share price is up 6% to $1.57. This morning, this diversified industrial company announced the acquisition of Nightingale Transport. Management believes the $18.2 million acquisition represents a strategic growth opportunity by expanding the company's national logistics reach and enhancing its offerings to key industries in Australia.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is up 9% to $5.16. This follows the release of a trading update by the infection prevention company. Thanks to a strong first half, management has upgraded its FY 2023 revenue growth guidance to between 36% and 41% from 20% to 25%. It has, however, also lifted its operating costs growth guidance to 22% to 27% in FY 2023 instead of 15% to 18%.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 3% to $125.44. This morning, Credit Suisse responded to Rio Tinto's quarterly update by retaining its outperform rating with a $140.00 price target. Rio Tinto is the broker's top pick among the giants due partly to the Oyu Tolgoi operation.

Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Dgl Group and Nanosonics. The Motley Fool Australia has positions in and has recommended Nanosonics. The Motley Fool Australia has recommended Dgl Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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