In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,590.8 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up over 8% to 39 cents. Investors have been buying the lithium developer’s shares after it raised $91 million through an institutional placement and announced an offtake agreement. The former was undertaken at a 13.9% discount of 31 cents per share. In respect to the latter, Core Lithium revealed that it has executed a binding offtake agreement with leading Chinese lithium supplier, Ganfeng Lithium. Ganfeng has also invested $34 million into the company.

IRESS Ltd (ASX: IRE)

The IRESS share price is up 5% to $15.11. The catalyst for this solid gain was the financial technology company receiving an improved takeover proposal. According to the release, IRESS has received a further confidential, non-binding, and indicative proposal from EQT to acquire all of IRESS’ shares at a revised implied value of $15.91 cash per share before franking credits. This compares to its previous offer of $15.30 to $15.50 per share. Due diligence has been granted and a board recommendation could be forthcoming if the offer becomes binding.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has jumped 9.5% to 63 cents. This morning the lithium explorer revealed that UK Export Finance has provided a strong expression of interest to support approximately 70% of the total finance required for the Kachi Lithium Project. Management believes this is a watershed moment for the company.

Rhinomed Ltd (ASX: RNO)

The Rhinomed share price has surged 55% higher to 31 cents. Investors have been buying the medical device company’s shares after it announced a major order for its Rhinoswabs from NSW Health Pathology. The company will initially supply one million Rhinoswabs as part of NSW Health Pathology’s program to support COVID testing capability.

The post Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: CBA results and $6bn buyback, IAG falls
• Why the Rhinomed (ASX:RNO) share price is rocketing 90% higher today
• Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts
• Why the Lake Resources (ASX:LKE) share price is jumping 11% today
• IRESS (ASX:IRE) share price shoots higher after new takeover proposal

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 no position in any of the stocks mentioned. 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 Bruce Jackson.

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It’s well known that the ASX exchange-traded fund (ETF) is an investment vehicle that seems to grow more popular by the day. Offering an accessible and relatively cheap way to invest in entire indexes, ETFs have been around for a while. But this vehicle has really hit its stride over the past few years in particular.

Back in December last year, the Motley Fool covered what was then a record-breaking month of November for ASX ETFs. At the time, we reported that funds under management grew by $4.9 billion over November 2020. That was a new monthly record at the time. We also saw ETFs rise to represent a market capitalisation of $78.7 billion. This was boosted even further to $92.3 billion by the conversion of the sizable Magellan Global Fund (ASX: MGF) to an actively managed ‘open class’ ETF.

Over that month, ETFs also saw a record monthly inflow of $2.5 billion.

Well, fund-provider BetaShares has just released its July 2021 Australian ETF Review. And it seems that momentum is only increasing for the industry.

BetaShares’ report tells us that the month of July 2021 saw ASX ETFs once again break the all-time record for fund inflows. A whopping $2.8 billion made its way into exchange-traded funds over the month. The previous record of $2.7 billion was made in December 2020. Of that $2.8 billion, 90% came from inflows, with only 10% coming from market appreciation.

This also helped push the total market cap for ASX ETFs to a record $118.8 billion. That’s pretty substantial growth from November’s $92.3 billion.

Which ASX ETFs were the standout performers?

The BetaShares report also gives us some interesting insights into which funds are giving investors the best bang for their buck. It names healthcare, followed by cybersecurity and ASX resources shares, as being some of the best performing sectors over July.

In terms of raw inflows, the report names ETFs covering international shares as being ASX investors’ top choice over the month. $1.6 billion found its way into international ETFs. That was around 4 times more than the next category (Australian shares).

BetaSahres also found that 65% of new ETF inflows over the month ended up with just two ETF providers (out of 31). They were BetaShares itself and Vanguard. The top ETF recipient of these inflows was the Vanguard MSCI Index International Shares ETF (ASX: VGS). This ETF received ~$228.3 million in funds over the month. This was followed by the Vanguard Australian Shares Index ETF (ASX: VAS), which received roughly $178 million. Close behind was the BetaShares Nasdaq 100 ETF (ASX: NDQ) with $126.8 million. And the BetaShares Global Sustainability Leaders ETF (ASX: ETHI) with $115 million.

The post ASX investors can’t get enough! ETF inflows hit new record high appeared first on The Motley Fool Australia.

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• VAS share price history: What caused the biggest ups and downs?
• 3 great ASX tech shares that might be good buys
• 3 popular ETFs ASX investors need to know
• 3 excellent ETFs for ASX investors in August

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended Vanguard MSCI Index International Shares ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Galileo Mining Ltd (ASX: GAL) share price has jumped into the green, extending the previous month’s climb north.

Today’s gain comes as Galileo delivered an update on drilling results at its Fraser Range drill program.

Let’s investigate further.

Quick recap on Galileo Mining

Galileo is in the minerals exploration business. It holds exploration and drilling interests in Western Australia.

Its flagship projects are the Fraser Range project in addition to the Albany-Fraser Orogen and Norsemen Project.

The prospects cover exploration licences of approximately 492km2 and 351km2 respectively.

At the time of writing, Galileo has a market capitalisation of $48 million.

What did Galileo announce?

Galileo announced that the first two first reverse circulation (RC) drill holes at its Fraser Range site “intersected semi-massive sulphide mineralisation”.

These semi-massive sulphides are predominantly pyrrhotite with minor copper sulphide within “larger zones of disseminated sulphide”.

Moreover, the intersections could signify a “new style” of mineralisation at Fraser Range, according to the company. As such, further economic potential will be assessed “with diamond drilling” after the RC drill sample assays are in hand.

Galileo also completed two drill holes for 428m at its Delta Blues DB2 prospect “with a third hole underway”.

At this stage, the “economic implications of the initial results” regarding its drilling program are uncertain, according to Galileo, and “deeper diamond drilling [is] required” to test further.

Investors can expect lab results back in Galileo’s hands by September, as per the release.

The market has lapped up Galileo’s announcement, pushing its share price higher after hitting an intraday low of 33 cents.

To illustrate, Galileo shares are now exchanging hands at 35 cents apiece, a 4% gain on the day.

Galileo Mining share price snapshot

The Galileo Mining share price has posted a year to date return of 55%, extending the previous 12 months’ gain of 11%.

As a result, Galileo shares have lagged the S&P/ASX 200 Index (ASX: XJO)’s climb of around 25% over the past year.

The post Galileo (ASX:GAL) share price lifts on drill results, up 30% in a month appeared first on The Motley Fool Australia.

More reading

• Why the Galileo Mining (ASX:GAL) share price is racing 12% higher today

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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The Andromeda Metals Ltd (ASX: ADN) share price is slightly in the red today. This comes after the mineral exploration company announced a change to its board team.

At the time of writing, Andromeda shares are down 1.88% to 15.7 cents. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.5% to a record high 7,866 points.

Board reshuffle

In a statement to the ASX, Andromeda advised that Nick Harding has tendered his resignation from the board. Mr Harding served as an executive director and company secretary to the company.

In his past 11 years, Mr Harding assisted Andromeda to grow from a junior explorer to an established player in the mining industry. However, he has since decided to retire and pursue other opportunities and personal ambitions.

As such Andrea Betti has been appointed as the interim company secretary until a permanent replacement is found.

Ms Betti, a corporate governance professional, brings over 20 years of experience specialising in accounting, corporate governance, finance and corporate banking. Furthermore, Ms Betti has acted as company secretary for a number of businesses in the private and public sectors.

Currently, she is a director of a corporate advisory firm located in Perth, Western Australia.

Ms Betti is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of Australia. She holds an array of qualifications that most notably include a Bachelor of Commerce and a Master of Business Administration.

Mr Harding will continue to contribute in a consulting capacity through a handover phase.

Andromeda chair, Rhod Grivas commented:

On behalf of the Board of Andromeda, I would like to extend our sincere thanks to Nick for his efforts and contribution to the Company over the many years he has served as a Director, CFO and Company Secretary.

Nick has given distinguished service to the Company for more than 11 years and his substantial contribution in guiding the Company through some lean years and the significant transactions that have led to the Company being where it is today, are to be commended. We wish Nick all the very best for the future.

About the Andromeda share price

Andromeda shares have fallen roughly 40% year-to-date, but have risen 200% over the past 12 months. The company’s share price reached a record high of 45 cents in March, before being sold off in the following months.

Andromeda commands a market capitalisation of around $387.5 million, with more than 2.4 billion shares on its registry.

The post Andromeda (ASX:ADN) share price edges lower on board reshuffle appeared first on The Motley Fool Australia.

More reading

• Here’s why the Andromeda Metals (ASX:ADN) share price is jumping 13%

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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