Why Aurizon, Norwest, Rio Tinto, and Strike Energy shares are rising today

These ASX shares are ending the week positively…

| More on:
A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.

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

sdf

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is on course to end the week in the red. At the time of writing, the benchmark index is down 0.55% to 7,166.1 points.

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

Aurizon Holdings Ltd (ASX: AZJ)

The Aurizon share price is up 4% to $3.87. This morning this rail freight operator announced the sale of the East Coast Rail (ECR) business. Aurizon expects to receive cash proceeds of approximately $425 million, which represents the equity value of ECR. The purchaser, Magnetic Rail Group, will also assume ECR's existing debt facilities. This divestment was required to gain approval for the acquisition of One Rail Australia.

Norwest Energy NL (ASX: NWE)

The Norwest Energy share price is up 33% to 6 cents. Investors have been buying this energy explorer's shares after Mineral Resources Ltd (ASX: MIN) announced plans to make a takeover offer. Mineral Resources intends to make an all-scrip offer that equates to 6 cents per share. The two parties own the Lockyer Deep joint venture.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 2% to $115.85. This follows a rise in iron ore prices overnight. In addition, this morning, Goldman Sachs retained its buy rating on the mining giant's shares with an improved price target of $119.20. Goldman notes that Rio Tinto's shares have a "[c]ompelling valuation: trading at c. ~0.95x NAV."

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 2% to 35.2 cents. Investors have responded positively to news that the energy developer plans to test the Southwest Erregulla and Erregulla Deep prospective resource. Management believes this has high impact and low risk upside resource potential.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Aurizon. 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

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to a disappointing week for investors this Friday.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Betr, Centuria Capital, GR Engineering, and Mach7 shares are pushing higher

These shares are having a good finish to the week. But why?

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX gave up an afternoon lead to close lower today.

Read more »

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

Why Clarity Pharmaceuticals, Kelsian, Life360, and Syrah shares are rising today

These shares are pushing higher on Thursday. But why?

Read more »

Man smiling on top of rocks with mountains in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors were in a nervous mood today.

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
Share Gainers

Why Beach Energy, Boss Energy, Cochlear, and Light & Wonder shares are pushing higher

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

Read more »

A man looking at his laptop and thinking.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing Tuesday session for ASX investors today.

Read more »

A man looking at his laptop and thinking.
Share Gainers

Thinking of selling your CBA shares? This expert says you should hold on

CBA shares are up by about 80% since November 2023.

Read more »