Capricorn Metals and PEXA Enjoy Stock Price Increases on Thursday

August 01, 2024 03:02 PM AEST | By Team Kalkine Media

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Capricorn Metals and PEXA Enjoy Stock Price Increases on Thursday — Image source: shutterstock.com

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The S&P/ASX 200 Index is enjoying a positive start to the month, with the benchmark up 0.4% to 8,127.1 points in afternoon trade. Amid this upward trend, several ASX shares are experiencing notable gains. Here are two companies seeing significant increases and the reasons behind their climbs:

Capricorn Metals Ltd (ASX:CMM)

Capricorn Metals shares are up 2% to AU$5.49, following an update on its Karlawinda Gold Project (KGP). The latest report reveals a 15% increase in the project's ore reserve estimate, now standing at 1,428,000 ounces of gold, up from 1,247,000 ounces. This substantial upgrade has prompted Capricorn to initiate a study to evaluate the feasibility of expanding the current operation from 4.5 million tonnes per annum to between 2 million and 2.5 million tonnes per annum. The study, aimed for completion in the second quarter of FY 2025, is expected to further boost investor confidence in the company's growth prospects.

PEXA Group Ltd (ASX:PXA)

PEXA Group shares have risen by 2.5% to AU$14.14, driven by a positive broker note from Goldman Sachs. The note upgraded PEXA's rating from Neutral to Buy and set a new price target of AU$16.00. Goldman Sachs highlighted several factors contributing to this upgrade: an improved outlook for the company's core business, progress on UK expansion milestones, and favorable valuation metrics. The revised target implies a potential upside of 16% from the current share price, fueling investor enthusiasm.

These updates reflect the dynamic nature of the ASX market and how company-specific news can significantly impact share prices.

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