In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain. At the time of writing, the benchmark index is up 1.3% to 7,373.9 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Beach Energy Ltd (ASX: BPT)
The Beach share price is up 3.5% to $1.63. Investors have been buying this energy producer’s shares following a strong rise in oil prices. Concerns that the EU may ban Russian oil led to oil prices jumping 7% overnight. The good news for Beach and other energy shares is that prices have continued to climb during Asian trade.
BHP Group Ltd (ASX: BHP)
The BHP share price is up 4.5% to $48.62. Investors have been buying the Big Australian’s shares following a solid night of trade for a number of commodities. It isn’t just BHP that is climbing today. The S&P/ASX 200 Resources index is up a solid 3.4% at the time of writing.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price has stormed 6% higher to $3.11. The catalyst for this was the release of the coal miner’s half year results this morning. Thanks largely to sky high coal prices, New Hope delivered a 153% increase in revenue to $1,025 million and a 582% jump in underlying EBITDA to $554.4 million. This allowed the New Hope board to increase its fully franked interim dividend by 325% to 17 cents per share and declare a fully franked 13 cents per share special dividend.
ResApp Health Ltd (ASX: RAP)
The ResApp share price has rocketed 43% to 8.9 cents. This follows the release of positive results from its cough audio-based COVID-19 screening test. The digital health company advised that its test, which operates through a regular smartphone, correctly detected the virus in 92% of infected participants.
The post Why Beach, BHP, New Hope, and ResApp shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- Why is the Fortescue (ASX:FMG) share price underperforming BHP today?
- The BHP share price is up 5% today. What’s going on?
- ASX 200 (ASX:XJO) midday update: BHP and New Hope storm higher, Boral slumps
- Here’s why the ResApp (ASX:RAP) share price is skyrocketing 60% today
- New Hope (ASX:NHC) share price up 10% amid huge first half profits and special dividend
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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