The S&P/ASX 200 Index (ASX: XJO) has started the week strongly. In afternoon trade, the benchmark index is up 0.85% to 6,662.2 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are charging higher:
Ansell Limited (ASX: ANN)
The Ansell share price is up 3% to $24.74. This morning the health and safety products company announced its plans to be net zero by 2040. In addition, the companyâs shares were upgraded by Macquarie to outperform with a $27.85 price target. While the broker acknowledges that its earnings are under pressure due to softening COVID-related demand, it appears to believe Ansellâs shares have been oversold this year.
EML Payments Ltd (ASX: EML)
The EML Payments share price is up 5% to $1.07. This morning this embattled payments company revealed that it received takeover interest last month. And while these talks have now ended without a deal being reached, investors appear to believe that this may not be the end of the matter.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is up over 5% to $11.73. Investors have responded positively to news that Suncorp is selling its banking operations to Australia and New Zealand Banking Group Ltd (ASX: ANZ) for $4.9 billion. Suncorp advised that it expects to return the majority of the proceeds from the sale to shareholders.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 5% to $5.89. The catalyst for this was the coal miner releasing its fourth quarter update today. That update reveals that Whitehaven Coal achieved a record average coal price of A$514 per tonne for the three months. As a result of these strong prices, the company expects to report FY 2022 EBITDA of approximately $3 billion. This is up materially from $0.2 billion in FY 2021.
The post Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- These are the 10 most shorted ASX shares
- Could ASX coal shares be set for a boost?
- 11-year high: Whitehaven share price surges 8% on record $3b profit
- Suncorp share price surges 6% as banking ditched in favour of insurance
- ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update
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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Ansell 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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