Why Capricorn Metals, DDH1, Metcash, and Silk Laser shares are racing higher

These ASX shares are starting the week strongly.

| More on:
a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.

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

It has been a disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.5% to 7,063.7 points.

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

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is up almost 5% to $4.24. This morning, this gold miner revealed that it has reduced its gold hedge book by 51,000 ounces. This is to provide further exposure to any increase in the A$ gold price over the next 15 months. Capricorn advised that the closure of this gold hedging results in it having no hedging delivery obligations until September 2024.

DDH1 Ltd (ASX: DDH)

The DDH1 share price is up over 6% to 91.5 cents. Investors have been buying this drilling services company's shares after it agreed to be acquired by Perenti Ltd (ASX: PRN). If all goes to plan, DDH1 shareholders will receive 12.38 cents in cash together with 0.7111 Perenti shares per DDH1 share. This values DDH1 at an equity value of $410 million.

Metcash Limited (ASX: MTS)

The Metcash share price is up 4% to $3.73. This morning, this wholesale distributor released its full-year results and delivered profits ahead of expectations. Metcash reported group revenue growth of 6.2% to $15.8 billion and underlying profit after tax growth of 4.6% to $307.5 million. This compares to consensus estimates of $16,241 million and $304 million, respectively.

Silk Laser Australia Ltd (ASX: SLA)

The Silk Laser share price is up 17% to $3.31. This follows news that Wesfarmers Ltd (ASX: WES) has returned with an improved takeover offer of $3.35 cash per share. This values the non-surgical aesthetics clinic operator at $180 million. Wesfarmers had previously offered $3.15 per share and declined to match a higher offer from EC Healthcare.

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 positions in and has recommended Wesfarmers. The Motley Fool Australia has recommended Metcash and Silk Laser Australia. 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

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 »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

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

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another disappointing day for ASX investors this Thursday.

Read more »

two men smiling with a laptop in front of them, symbolising a rising share price.
Share Gainers

Why Pinnacle, PWR, Race Oncology, and Vulcan shares are flying today

These shares are having a good session on Thursday. But why?

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Boss Energy, Emeco, Mineral Resources, and Plenti shares are pushing higher today

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

Read more »

Three small children reach up to hold a toy rocket high above their heads in a green field with a blue sky above them.
Share Gainers

3 ASX 300 shares going gangbusters on Wednesday

Investors are bidding up these three ASX 300 shares today. But why?

Read more »