In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain for the second day in a row. At the time of writing, the benchmark index is up 1.45% to 7,279.8 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are zooming higher:
Ampol Ltd (ASX: ALD)
The Ampol share price is up 4% to $29.84. Investors have been buying the fuel retailer’s shares after its proposed acquisition of Z Energy Ltd (ASX: ZEL) was given a boost. This morning Ampol revealed that the New Zealand Commerce Commission has provided clearance for the acquisition. This is on the proviso that Ampol fully divests its Gull business in New Zealand within nine months of completing the transaction.
EML Payments Ltd (ASX: EML)
The EML share price is up 7% to $2.52. As well as getting a boost from a tech rebound today, investors have been buying this payments company’s shares following an announcement late yesterday afternoon. That announcement reveals that EML has entered the Employee Benefits Market (EBM) in Europe through a multi-year agreement with Up Spain. The EBM is worth over A$88 billion globally.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price is up 8% to $9.65. This follows a strong rise by a number of lithium miners today. In addition, as I noted here earlier, Vulcan’s shares are rated as a buy by the team at Alster Research. Its analysts have a massive $20.00 price target on them, which is more than double where its shares trade today.
Zip Co Ltd (ASX: Z1P)
The Zip share price is up over 10% to $1.58. Investors have been buying this buy now pay later (BNPL) provider’s shares following big rebound in the tech sector. This follows a strong night of trade on the tech focused Nasdaq index after investors responded positively to the US Federal Reserve’s rate hike.
The post Why Ampol, EML, Vulcan, and Zip shares are zooming higher appeared first on The Motley Fool Australia.
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More reading
- Why the Zip share price is surging 12% higher today
- Why the Ampol (ASX:ALD) share price is outperforming the energy sector today
- ASX 200 (ASX:XJO) midday update: Block and Zip shoot higher, Ampol’s acquisition boost
- ASX 200 shares open with a bang following US interest rate rise
- Renewable energy shift ‘is about to accelerate’ making Vulcan (ASX:VUL) shares a buy: Broker
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 EML Payments and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended EML Payments. 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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