In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.4% to 7,524.7 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up over 8% to $13.45. Investors have been buying this lithium miner’s shares after brokers responded positively to its lithium pricing update from the end of last week. The team at Morgans, for example, retained their add rating and lifted their price target to $15.24.
Iluka Resources Limited (ASX: ILU)
The Iluka share price has charged 5% higher to $12.08. Investors have been buying this mineral sands and rare earths company’s shares after it announced a final investment decision on phase three of the Eneabba Rare Earths Refinery. Iluka will push ahead with phase three after its feasibility study demonstrated solid economics and significant potential for growth.
Pendal Group Ltd (ASX: PDL)
The Pendal share price has jumped 19% to $5.33. The catalyst for this has been news that rival Perpetual Limited (ASX: PPT) has made a takeover offer. According to the release, Perpetual has put forward a $6.23 per share scrip and cash takeover proposal to acquire the fund manager. This values Pendal at approximately $2.4 billion.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price has rocketed 26% higher to 31.5 cents. This morning the lithium developer revealed that lithium hydroxide made from the company’s Authier spodumene product has been found to be the same quality as commercial battery-grade material. The company is working with Novonix Ltd (ASX: NVX) on the conversion of its spodumene product.
The post Why Allkem, Iluka, Pendal, and Sayona Mining shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- ASX lithium shares set to deliver next positive surprise to investors
- Here’s why the Sayona (ASX:SYA) share price is surging 34% on Monday
- ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high
- Pendal (ASX:PDL) share price rockets 23% on $2.4b takeover approach
- Iluka (ASX:ILU) share price jumps 8% to record high on major rare earths news
Motley Fool contributor James Mickleboro owns Allkem Limited. 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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