Why Alkane, Chalice Mining, PointsBet, and Qantas shares are rising today

These ASX shares have avoided the market selloff and are pushing higher…

| More on:
Green arrow going up on a stock market chart, symbolising a rising share price.

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 on course to start the week with a sizeable decline. In afternoon trade, the benchmark index is down 1.25% to 7,342.7 points.

Four ASX shares that have defied the market selloff today are listed below. Here's why they are rising:

Alkane Resources Limited (ASX: ALK)

The Alkane share price is up 4% to $1.06. This follows the release of an update on the gold miner's Roswell Deposit. According to the release, it has been updated after an additional 7,000 metres of drilling and now stands at approximately 904,000 ounces. This is up 37% from its previous estimate.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 2% to $7.09. Investors have been buying this mineral exploration company's shares following the release of further promising drilling results from the world class Julimar project. Chalice Managing Director and Chief Executive Officer, Alex Dorsch, said: "With each new round of drilling results, the scale, quality and potential upside of this world-class critical minerals system just keeps getting better and better."

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 4% to $3.12. This appears to have been driven by a positive response to the sports betting company's third quarter update from Goldman Sachs. The broker has retained its buy rating with a $5.78 price target. It notes that PointsBet's revenue was in line whereas its cash burn/marketing was better-than-expected.

Qantas Airways Ltd (ASX: QAN)

The Qantas share price is up 2.5% to $5.75. The catalyst for this was the release of a trading update by the airline operator. That update revealed that domestic travel numbers are rebounding faster than expected. This is expected to underpin second half underlying EBITDA of $450 million to $550 million, which will be a big improvement on Qantas' first half EBITDA loss of $245 million.

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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

Man pointing at a blue rising share price graph.
Share Gainers

3 ASX All Ords shares rocketing over 10% today

Double-digit gains anyone?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Aussie Broadband, Harvey Norman, HMC, and Web Travel shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »

Three women cruise along enjoying ice-creams in the sunshine.
Best Shares

3 ASX 300 stocks up by more than 300% in a year

These stocks certainly add up to a triple treat.

Read more »

A man looking at his laptop and thinking.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors were pulled back down to earth this Tuesday.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why EML Payments, Gentrack, Regis, and Resimac shares are racing higher

These shares are outperforming on Tuesday. What's going on?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors kicked off the trading week in style today.

Read more »

Person pointing at an increasing blue graph which represents a rising share price.
Share Gainers

Why Liberty, Lovisa, Novonix, and SG Fleet shares are storming higher today

These shares are starting the week strongly. But why? Let's find out.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »