Why Betmakers, Block, Lake Resources, and Vulcan shares are racing higher

Green arrow with green stock prices symbolising a rising share price.

Green arrow with green stock prices symbolising a rising share price.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a mildly positive note. At the time of writing, the benchmark index is up 0.25% to 6,544.4 points.

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

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers share price has jumped 22% to 36.5 cents. This morning this heavily shorted betting technology company announced that it would undertake a share buyback. Betmakers notes that improved cash flows and market dynamics are allowing it to maximise shareholder value through the buyback.

Block Inc (ASX: SQ2)

The Block share price is up 11% to $98.48. This follows a strong gain by its NYSE listed shares overnight and a rebound in the tech sector. The former was driven by news that Cathie Wood’s Ark Innovation fund has been picking up the payments company’s shares this week.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has rebounded 16% to 81 cents. As well as getting a boost from a recovery in the lithium industry, a market update has given this lithium developer’s shares a lift. That update stressed that nothing has changed for Lake Resources despite the sudden exit of its CEO this week.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price has rocketed almost 30% higher to $6.43. This follows news that the lithium developer has received an investment from a major automaker at a massive 32% premium to its last close price. Stellantis has paid a total of $76 million or $6.62 per share for 11.45 million shares, becoming Vulcan’s second largest shareholder. Stellantis is the name behind car brands such as Chrysler, Citroën, Fiat, Maserati, and Peugeot.

The post Why Betmakers, Block, Lake Resources, and Vulcan shares are racing 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. has positions in and has recommended Betmakers Technology Group Ltd and Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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