The S&P/ASX 200 Index (ASX: XJO) has slipped into the red in afternoon trade. At the time of writing, the benchmark index is down slightly to 7,510.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are falling:
Image source: Getty Images
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 6% to $1.89. This morning, analysts at Goldman Sachs suggested that investors buy this energy producer's shares following weakness this week. It has a buy rating and $2.41 price target on its shares. This implies 28% upside even after today's gain.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 17% to $5.11. Investors have been buying this ecommerce company's shares after it released a first half update. Although Kogan's sales were down 5.6% to $445.4 million for the half, its gross profit jumped 42.1% to $89.5 million thanks to margin expansion. Adjusted earnings before interest an tax is expected to be $14 million, up from a loss of $12.7 million.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 5% to $12.75. This follows the release of the gold miner's quarterly update this morning. Northern Star reported gold sold of 412,000 ounces at an all-in sustaining cost (AISC) of A$1,824 an ounce. This puts it on course to achieve its guidance of 1,600,000 to 1,750,000 ounces at an AISC of A$1,730-A$1,790 an ounce in FY 2024.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 6% to $3.47. This has been driven by the release of a solid quarterly update from the lithium miner this morning. It reported a 22% increase in spodumene concentrate production to 176,000 tonnes and a 9% lift in sales to 146,400 tonnes. And while it also reported a 50% reduction in its realised price to US$1,113 per tonne, it remains very profitable thanks to its low costs.
