Why Allkem, DGL, Nanosonics, and Rio Tinto shares are pushing higher today

These ASX shares are having a strong session…

| More on:
A happy group of workers around a table raise their arms in the air as though celebrating a work achievement. One woman is on her feet with her arm raised in the air in a fist-pumping action.

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) is defying the weakness on Wall Street and pushing higher. In afternoon trade, the benchmark index is up 0.45% to 7,427.6 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Allkem Ltd (ASX: AKE)

The Allkem share price is up almost 3% to $12.59. This follows a positive response to the lithium miner's quarterly update from brokers. For example, Bell Potter has retained its buy rating with a $19.36 price target. It was pleased with the record performance of the company's Olaroz operation and notes that costs were lower than it was forecasting.

DGL Group Ltd (ASX: DGL)

The DGL share price is up 6% to $1.57. This morning, this diversified industrial company announced the acquisition of Nightingale Transport. Management believes the $18.2 million acquisition represents a strategic growth opportunity by expanding the company's national logistics reach and enhancing its offerings to key industries in Australia.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is up 9% to $5.16. This follows the release of a trading update by the infection prevention company. Thanks to a strong first half, management has upgraded its FY 2023 revenue growth guidance to between 36% and 41% from 20% to 25%. It has, however, also lifted its operating costs growth guidance to 22% to 27% in FY 2023 instead of 15% to 18%.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 3% to $125.44. This morning, Credit Suisse responded to Rio Tinto's quarterly update by retaining its outperform rating with a $140.00 price target. Rio Tinto is the broker's top pick among the giants due partly to the Oyu Tolgoi operation.

Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Dgl Group and Nanosonics. The Motley Fool Australia has positions in and has recommended Nanosonics. The Motley Fool Australia has recommended Dgl Group. 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

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 »

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

Why Bannerman Energy, Clarity, DroneShield, Lotus Resources are charging higher

These shares are making their shareholders smile on Tuesday. But why?

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors managed to ease out a gain from the markets today.

Read more »