Why Magnis, Pilbara Minerals, Syrah, and Whispir shares are storming higher

Rising share price chart.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up over 1% to 7,498.4points.

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

Magnis Energy Technologies Ltd (ASX: MNS)

The Magnis Energy share price is up 15% to 52 cents. Investors have been buying the battery technology company’s shares after it announced a milestone achievement for its 60%-owned New York lithium-ion battery plant. According to the release, semi-automated production has commenced at the iM3NY Battery Plant and is expected to scale up to 1.8 GWh during the first half of 2022. This will make it one of the largest players in the United States lithium-ion battery cell manufacturing market.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 4.5% to $3.09. Investors have been buying lithium shares on Wednesday amid optimism that prices of the battery making ingredient will stay higher for longer. Before Christmas, analysts at Macquarie suggested lithium prices could remain at record levels for four years.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is up 4% to $1.70 following the release of further details on its deal with Tesla. Syrah revealed that, subject to certain conditions, Tesla will offtake 8kt per annum of the proposed initial expansion of AAM production capacity at its Vidalia facility in the USA. This compares to the initial planned production capacity of 10kt per annum.

Whispir Ltd (ASX: WSP)

The Whispir share price is up 7% to $2.05. This morning the communications workflow platform provider announced a multi-year contract with global telecommunications leader and Optus parent, Singtel. According to the release, the contract has a minimum value of SG$1.3 million (A$1.32 million) for professional services and software licence fees. In addition, transactional usage fee revenue will be generated, representing revenue upside.

The post Why Magnis, Pilbara Minerals, Syrah, and Whispir shares are storming higher 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 and has recommended Whispir Ltd. The Motley Fool Australia has recommended Whispir Ltd. 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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