The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.15% to 8,349.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher today:
Canyon Resources Ltd (ASX: CAY)
The Canyon Resources share price is up 6% to 26.5 cents. This follows news that the bauxite developer has signed a binding agreement with AFG Bank Cameroon for a medium-term syndicated credit facility of US$140 million. This credit facility will be used for the acquisition of locomotives, wagons, the development of rail ore transport infrastructure, and the port facility for the flagship Minim Martap Bauxite Project.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up 4% to $2.57. This morning, this crop protection company responded to a price query from the Australian stock exchange. Nufarm defended its decision to not update the market on its half year earnings expectations ahead of its results release. It highlights that its earnings were within 10% of consensus estimates. It notes that "an entity which does not have published guidance on foot and is covered by sell side analysts should carefully consider notifying the market if and when it expects there to be a 15% or greater difference between its actual or projected earnings."
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up a further 13% to $6.53. This uranium miner has been racing higher over the past two sessions thanks to a news that US President Donald Trump is looking to jumpstart the nuclear energy industry. According to the White House, at the end of last week, the President "signed an Executive Order to rapidly deploy advanced nuclear technologies to support national security objectives, including powering artificial intelligence (AI) computing infrastructure and national security installations."
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is up 5% to $105.33. This follows news that the logistics solutions company has signed an agreement to acquire U.S.-based E2open (NYSE: ETWO) for US$2.1 billion (A$3.25 billion). The cloud-based e2open platform connects more than 500,000 manufacturing, logistics, channel, and distribution partners as one multi-enterprise network tracking over 18 billion transactions annually. Founder, executive chair, and chief innovation officer, Richard White, said: "Acquiring e2open is a strategically significant step in achieving our expanded vision to be the operating system for global trade and logistics."
The post Why Canyon Resources, Nufarm, Paladin Energy, and WiseTech shares are charging higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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