Why City Chic, Coronado, South32, and Syrah shares are charging higher


In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.75% to 7,264.1 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is up 4.5% to $2.72. This follows the release of a second half trading update. According to the release, as of 24 April, the plus sized fashion retailer’s second half sales were up 25% year on year. This builds on its first half sales growth of 46%.

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is up 3% to $2.21. Investors have been buying this coal miner’s shares following the release of its quarterly update. Thanks to a sky high coal price, Coronado reported record quarterly revenue of $947 million. This was up materially year on year and 22.3% on the previous record of US$775 million, which was recorded in the prior quarter.

The South32 share price is up almost 3.5% to $4.61. This appears to have been driven by a positive response to the mining giant’s quarterly update by a number of brokers. These include Citi and Goldman Sachs, which have both retained buy ratings on South32’s shares. Citi has a $5.50 price target, whereas Goldman has a $5.70 price target.

The Syrah share price has jumped 11% to $1.82. The catalyst for this was the graphite producer’s quarterly update. Syrah revealed strong demand for its Balama natural graphite from the electric vehicle market. Management also reported an increase in its weighted average sales price to US$573 per tonne (CIF). This compares to Balama C1 cash costs of US$464 per tonne.

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