Why Droneshield, Magellan, Pointsbet, and West African shares are racing higher today
The S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street's lead and climb today. At the time of writing, the benchmark index is down 0.55% to 8,095.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 6% to 84.5 cents. This is despite there being no news out of the counter drone technology company today. However, with its shares down 35% over the past six months, some investors may believe that this has created a buying opportunity. Bell Potter would no doubt be encouraging investors to buy this dip. Its analysts recently put a buy rating and $1.10 price target on its shares. This implies potential upside of 30% for investors.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 1% to $8.18. This follows the release of the fund manager's latest funds under management (FUM) update. Although Magellan revealed a $500 million decline in FUM for the month of February, this may have been better than expected. Especially given how the ASX 200 index fell 4.2% during the month. Its fund outflows comprised net retail outflows of $200 million and net institutional outflows of $300 million.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is up 2.5% to $1.11. This morning, Bluebet Holdings Ltd (ASX: BBT) released an announcement relating to its rejected takeover proposal for Pointsbet. It said: "The Offer is clearly superior to that offered by MIXI (MIXI Proposal), with an illustrative value to PointsBet shareholders of $1.28 per share compared to $1.06 under the MIXI Proposal. The Offer delivers upside exposure to the synergy and growth potential of the combined business – something not available in the all-cash MIXI Proposal."
West African Resources Ltd (ASX: WAF)
The West African Resources share price is up 10% to $2.08. This has been driven by the announcement of the gold miner's full year results. West African reported revenue of $730 million and a profit after tax of $246 million. CEO Richard Hyde commented: "WAF's Sanbrado production centre delivered another strong result in 2024 producing 206,622 ounces of gold at US$1,240 per ounce AISC, generating A$252 million cashflow from operations and A$246 million NPAT. Kiaka's construction remains on schedule and on-budget for first gold in Q3 2025."
The post Why Droneshield, Magellan, Pointsbet, and West African shares are racing higher today appeared first on The Motley Fool Australia.
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 DroneShield and PointsBet. The Motley Fool Australia has no position in any of the stocks mentioned. 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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