Why Champion Iron, Lindian Resouces, McMillan Shakespeare, and Nuix shares are rising

These ASX shares are having a solid start to the week.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down 0.3% to 7,383.9 points.

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

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price is up 2.5% to $5.99. This morning, in response to its quarterly update, analysts at Goldman Sachs reiterated their buy rating on this iron ore miner's shares with a $7 price target. The broker believes that "CIA is at a FCF and possibly capital returns inflection point."

Lindian Resources Ltd (ASX: LIN)

The Lindian Resources share price is up 4% to 38.5 cents. This follows the release of promising assay results from the phase two deep diamond drilling at the Kangankunde rare earth project in Malawi. Management believes these results indicate that "the project will play an important role in the rare earths industry to stabilise and balance supply for multiple generations."

McMillan Shakespeare Ltd (ASX: MMS)

The McMillan Shakespeare share price is up 4% to $19.85. This may have been driven by a broker note out of Macquarie this morning. Its analysts have upgraded this salary packaging company and its rival on the belief that supply is improving and electric vehicles are driving increased demand. Macquarie has an outperform rating and a $20.47 price target on the company's shares.

Nuix Ltd (ASX: NXL)

The Nuix share price is up a further 7% to $1.62. Investors have been scrambling to buy this investigative analytics and intelligence software provider's shares since it released its provisional full-year results last week. Nuix expects its underlying EBITDA to be between $44 million and $47 million in FY 2023. This will be up 51% to 61% on FY 2022's EBITDA. Its shares have now almost doubled in July.

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 positions in and has recommended Goldman Sachs Group and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended McMillan Shakespeare. 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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