In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is on course to record a decline. At the time of writing, the benchmark index is down 0.2% to 8,650.7 points.
Four ASX shares that are rising today despite the market decline are listed below. Here's why they are pushing higher:
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Greatland Resources Ltd (ASX: GGP)
The Greatland Resources share price is up 5% to $13.66. This appears to have been driven by a broker note out of Citi this morning. According to the note, in response to positive drilling results, the broker has upgraded the gold miner's shares to a buy rating (from neutral) with an improved price target of $16.00 (from $15.30). This implies potential upside of 17% for investors even after today's strong gain.
Newmont Corporation (ASX: NEM)
The Newmont share price is up 3.5% to $164.14. This has been driven by a decent rise in the gold price overnight after the US dollar softened. It isn't just Newmont shares that are rising on Thursday. Most ASX gold stocks are rising today, which has led to the S&P/ASX All Ordinaries Gold index outperforming with a 1.3% gain at the time of writing.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up over 2% to $22.60. This morning, this gold miner released a production update and announced an on-market share buyback. Northern Star revealed that preliminary gold sales for the March quarter totalled 381,000 ounces. It also advised that it is not currently experiencing any supply issues with diesel fuel. However, it concedes that this remains a focus for the business and a key risk for the broader mining industry in Australia. With respect to the share buyback, the company plans to buy back up to $500 million of its shares as part of a proactive capital management strategy. Northern Star's managing director, Stuart Tonkin, said: "Today's announcement reflects our confidence in the strength of our business, the structural uplift in cash generation expected from the commissioning of the KCGM Mill Expansion and the compelling value we see in our share price."
Qantas Airways Ltd (ASX: QAN)
The Qantas Airways share price is up over 1% to $8.76. This appears to have been driven by optimism that the war in the Middle East could soon come to an end and oil prices could be heading lower. Fuel costs are a major expense for Qantas, so higher oil prices can impact profitability.
