In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.05% to 7,460 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:
Calix Ltd (ASX: CXL)
The Calix share price is up 17% to $7.14. This morning the company announced the filing of a patent covering a new and significant application of its core kiln technology. The release explains that the patent is for the production of zero CO2 emissions iron and steel.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 4% to $16.03. Investors have been buying Fortescue and other iron ore miners on Friday. This follows a rebound in iron ore prices overnight. According to CommSec, the spot iron ore price rose by US$4.70 or 5.3% to US$94.20 a tonne.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is up 3.5% to $4.77. Investors have been buying the administration company’s shares after it revealed that it has received an offer for its Banking and Credit Management (BCM) business. According to the release, a syndicate led by Pepper European Servicing has tabled a conditional, nonbinding indicative proposal to acquire BCM for up to 55 million euros (A$86.5 million).
Zip Co Ltd (ASX: Z1P)
The Zip share price is up 3.5% to $5.90. This morning Zip announced the completion of its acquisition of European BNPL provider Twisto Payments for $115.8 million in shares. The company notes that the acquisition provides it with a gateway to one of the world’s largest ecommerce markets and access to all 27 European Union member states. Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.
The post Why Calix, Fortescue, Link, and Zip shares are jumping today appeared first on The Motley Fool Australia.
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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. owns shares of and has recommended Link Administration Holdings Ltd and ZIPCOLTD FPO. 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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