Why Azure Minerals, Beach Energy, Dicker Data, and Melbana Energy are storming higher

These ASX shares are ending the week on a positive note.

| More on:
A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs

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

The S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory on Friday but has just fallen short. In afternoon trade, the benchmark index is down slightly to 7,307.6 points.

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

Azure Minerals Ltd (ASX: AZS)

The Azure Minerals share price is up 19% to $2.58. Investors have been scrambling to buy this lithium explorer's shares following the release of more promising drilling results. Management believes the latest results reflect some of the best lithium drill intersections globally. It feels this entrenches the Andover project "amongst the best lithium exploration projects globally."

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up 2% to $1.64. This follows a solid rise in oil prices overnight after Russia and Saudi Arabia revealed plans to push on with their production cut plans. It isn't just Beach Energy that is rising. The S&P/ASX 200 Energy index is up over 1% at the time of writing.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price is up 4.5% to $8.39. Investors have been buying this computer hardware and software distributor's shares following the release of a half-year trading update. For the first half of FY 2023, Dicker Data reported a 9.4% increase in revenue to $1,596 million and an 8% lift in net profit before tax to $54 million.

Melbana Energy Ltd (ASX: MAY)

The Melbana Energy share price is up 7.5% to 10.75 cents. This morning, this energy explorer provided an update on wireline logging at the Alameda-2 well in Cuba. The release reveals that excellent-quality logs have been obtained over the entire Amistad interval. Management notes that this is a great improvement from last time when logs could not be obtained over some of the most productive units.

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 Dicker Data. The Motley Fool Australia has positions in and has recommended Dicker Data. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

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 a spectacular end to the trading week for the ASX today.

Read more »

Three people jumping cheerfully in clear sunny weather.
Share Gainers

These 3 ASX 200 stocks are shooting the lights out this week. Own any?

These ASX 200 shares have soared 11% to almost 23% this week. But why?

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Share Gainers

Why GQG, Imugene, Mirvac, and Temple & Webster shares are pushing higher

These shares are ending the week on a positive note. But why?

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a momentous day for ASX shares, with the index hitting another record...

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 135% in a year, why this ASX 200 healthcare stock is 'on track to become a truly great Australian success'

A leading fund manager expects more strong performance from this surging ASX 200 healthcare stock.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why ASX, Domain, Ora Banda, and Temple & Webster's shares are storming higher today

These shares are catching the eye with strong gains on Thursday. Let's see what is happening.

Read more »

Man pointing at a blue rising share price graph.
Earnings Results

2 ASX 300 shares rocketing 6% today

Investors love what these two stocks just reported.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a wonderful Wednesday session for investors today...

Read more »