Why Costa, Gold Road, Sayona Mining, and Silver Lake shares are storming higher

These ASX shares are having a strong session on Tuesday.

| More on:
Rocket powering up and 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

sdf

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session. In afternoon trade, the benchmark index is down 0.2% to 7,234 points.

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

Costa Group Holdings Ltd (ASX: CGC)

The Costa share price is up 11% to $3.31. Investors have been buying this horticulture company's shares after it confirmed the receipt of a $3.50 per share non-binding takeover offer from Paine Schwartz Partners. Further due diligence and negotiations on a potential scheme implementation agreement are expected to continue through July.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is up over 3% to $1.59. This morning, Goldman Sachs initiated coverage on the gold miner with a buy rating and a $1.85 price target. It said: "GOR remains undervalued in our view, trading at ~0.9x NAV on our LT gold price of US$1,700/oz, or pricing ~US$1,560/oz gold (peer average ~1x NAV and ~US$1,700/oz), and near-term FCF yields of c. 10% in CY24/25 remain attractive vs. peers and support upside to the outlook for capital returns."

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 5.5% to 19.5 cents. This follows the news that the lithium miner has achieved a new production milestone at the NAL operation. More than 30,000 tonnes of spodumene (lithium) concentrate has been produced ahead of target.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is up 5% to $1.09. This morning, this gold miner released its fourth-quarter update. Silver Lake advised that it delivered record quarterly sales of 83,540 ounces of gold. In addition, its all in sustaining costs (AISC) for the fourth quarter are yet to be finalised but are expected to decrease to the lowest level for the year.

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 Goldman Sachs Group. The Motley Fool Australia has recommended Costa 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

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 »