In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and has dropped into the red. At the time of writing, the benchmark index is down 0.1% to 7,471.9 points.
Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are charging higher:
IGO Ltd (ASX: IGO)
The IGO share price is up over 3% to $14.12. This follows news that the battery materials miner has increased its takeover offer for nickel producer Western Areas Ltd (ASX: WSA). IGO has agreed to increase its offer to $3.87 cash per share, which is 15.2% higher than its previous proposal of $3.36 per share. This offer has been unanimously recommended by the Western Areas board, subject to a number of customary conditions.
Lake Resources N.L. (ASX: LKE)
The Lake share price has jumped 12% to $2.08. Investors have been buying this lithium developer’s shares after it announced a non-binding lithium offtake agreement with auto giant Ford. This is the second agreement Lake has signed in as many weeks, both for 25,000 tonnes per annum of lithium carbonate from the Kachi operation in Argentina.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price is up 4% to $2.12. As well as getting a boost from a rise in the gold price, this morning this gold miner was the subject of a bullish broker note out of Credit Suisse. According to the note, the broker has retained its outperform rating and lifted its price target on the company’s shares to $2.60.
ResApp Health Ltd (ASX: RAP)
The ResApp share price has surged 22% higher to 11 cents. The catalyst for this was news that healthcare giant Pfizer has tabled a takeover offer. Pfizer has offered 11.5 cents cash per share, which values the digital health company at $100 million. ResApp recently announced positive results for a new novel smartphone-based COVID-19 screening test.
The post Why IGO, Lake Resources, Regis Resources, and ResApp shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- Lake Resources share price shoots 16% higher on lithium deal with Ford
- ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition
- ResApp share price rockets 28% on Pfizer takeover news
- IGO share price charges higher after lifting its Western Areas takeover offer
- Lake Resources share price on watch following lithium deal with car giant Ford
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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