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In contrast to the broader market, which is facing a 1.2% decline on Friday, there are four ASX shares that have managed to buck the trend and are trading higher. Here's what's driving the rise in these shares:
- Nick Scali Limited (ASX: NCK): Nick Scali, a furniture retailer, has seen its share price rise by over 2% to reach $10.62. This surge is attributed to a recent broker note from Macquarie. The brokerage firm upgraded Nick Scali's shares to an "outperform" rating and set a $12.60 price target. The positive sentiment is a result of Nick Scali's half-year guidance, which exceeded expectations.
- Northern Star Resources Ltd (ASX: NST): Northern Star, a prominent gold company, has witnessed its share price increase by 2% to $12.22. The gold sector, including Northern Star and other ASX-listed gold shares, is experiencing heightened investor interest due to an uptick in the price of gold. This increase can be attributed to concerns over escalating tensions in the Middle East.
- Additionally, Macquarie has placed an "outperform" rating and a $15.00 price target on Northern Star's shares, further boosting investor sentiment.
- Santos Ltd (ASX: STO): The Santos share price has climbed by 2.5% to reach $8.04. The primary driver behind this rise is the recent increase in oil prices, which is associated with rising tensions in the Middle East. Crude oil prices are now comfortably trading above US$90 per barrel. This surge in oil prices has a direct positive impact on Santos, as it boosts the profitability of the company's operations.
- Weebit Nano Ltd (ASX: WBT): Weebit Nano, a semiconductor company, has experienced an impressive 13% surge in its share price, bringing it to $3.75. The uptick in Weebit Nano shares this week can be attributed to the company's announcement of a commercial agreement with South Korean foundry DB HiTek. Under this agreement, DB HiTek has licensed Weebit Nano's memory technology, Weebit ReRAM, for integration as embedded non-volatile memory in their systems on chips.
These ASX shares have defied the broader market's downward trend, with various factors driving their respective price increases. Investor sentiment is notably positive for these companies, driven by broker upgrades, increasing gold prices, surging oil prices, and strategic commercial agreements in the semiconductor industry.
