Why Carnarvon Energy, Goodman, Nickel Industries, and Southern Cross Electrical are rising
A man clenches his fists in excitement as gold coins fall from the sky.
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.55% to 7,669.9 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:
Carnarvon Energy Ltd (ASX: CVN)
The Carnarvon Energy share price is up almost 4% to 19.2 cents. This morning, the energy developer released an update on its strategic objectives. Pleasingly, the company revealed that they remain on track. As a result, management expects to be fully funded to deliver Dorado to final investment decision and first oil. Carnarvon CEO, Philip Huizenga, commented: “I am extremely pleased with the progress on the Dorado development. Our strengthened focus on Dorado and preserving our significant cash balance for this project gives us confidence to achieve these outcomes.”
Goodman Group (ASX: GMG)
The Goodman share price is up 3.5% to $33.80. This may have been driven by the release of a bullish broker note this morning out of Morgan Stanley. According to the note, the broker has retained its overweight rating on the industrial property company’s shares with an improved price target of $35.30. It is feeling very positive about the company’s data centre pipeline.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 3% to 97.7 cents. This may also have been driven by a broker note. This morning, Bell Potter reaffirmed its buy rating on the nickel producer’s shares with an improved price target of $1.54. It said: “NIC is one of the world’s largest listed nickel producers and one of few that offers diversified exposure across a range of nickel products and markets. It continues to trade on undemanding valuation multiples, offers a supportive (unfranked) dividend and has demonstrated its ability to make money through the nickel price cycle.”
Southern Cross Electrical Engineer Ltd (ASX: SXE)
The Southern Cross Electrical Engineer share price is up 21% to $1.48. This follows the release of profit guidance for FY 2025 from the services company this morning. The company revealed that it anticipates FY 2025 EBITDA of at least $48 million. It also reaffirmed its previous guidance that FY 2024 profitability will match FY 2023’s EBITDA of $38.2 million. Managing director Graeme Dunn said: “I am delighted to have been able to report a record-breaking year for the SCEE Group where we achieved our highest ever profits, cash balance and order book.”
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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 Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.