Why Arafura, Genesis Minerals, Life360, and Premier Investments shares are shooting higher
The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is storming higher on Thursday. At the time of writing, the benchmark index is up 1.45% to 8,332.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are shooting higher:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is up a further 7% to 14.5 cents. Investors have been buying the rare earths developer's shares this week after it signed a binding term sheet with the National Reconstruction Fund Corporation (NRFC) for a $200 million investment convertible notes commitment. The NRFC invests to diversify and transform Australia's industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The funds will be used to support the development of the Nolans Project in the Northern Territory.
Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price is up 5.5% to $2.89. This follows the release of the gold miner's quarterly update this morning. Genesis Minerals reported record quarterly gold production of 57,055 ounces and an all-in sustaining cost (AISC) of A$2,202 per ounces. Genesis Managing Director Raleigh Finlayson said: "It was an outstanding quarter which highlights the substantial free cashflow-generating capacity of the Company as we implement our organic growth strategy. We are meeting or exceeding all our key production and financial targets and we are well-placed to achieve our 325,000ozpa goal ahead of the FY29 schedule."
Life360 Inc (ASX: 360)
The Life360 share price is up 3% to $21.79. This morning, analysts at Morgan Stanley retained their overweight rating and $25.00 price target on the location technology company's shares. The broker is feeling confident about Life360 ahead of next month's earnings season. So much so, Morgan Stanley has named it as one of its key ideas. It is expecting another strong result and believes the market is under-appreciating the company's huge subscriber base and growth potential. Particularly given the prospect of price increases, an expansion into pet and elder care, and growth in international users.
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is up almost 6% to $28.54. Investors appear to believe that a selloff this week has created a buying opportunity. One broker that believes this is the case is Bell Potter. It reaffirmed its buy rating on the retail conglomerate's shares earlier this week with a trimmed price target of $34.00. This implies potential upside of 19% for investors over the next 12 months.
The post Why Arafura, Genesis Minerals, Life360, and Premier Investments shares are shooting higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has recommended Premier Investments. 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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