In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.75% to 7,175.5.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are charging higher:
Block Inc (ASX: SQ2)
The Block share price is up 3.5% to $102.41. This follows a strong night for the payments companyâs NYSE listed shares. Bargain hunters appear to have been taking advantage of recent share price weakness caused by a short seller attack.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 11% to $1.29. This morning, this battery materials company announced a joint venture agreement with TAQAT in the Middle East and North Africa (MENA) region. The two parties will develop and produce anode materials for electric vehicle and energy storage system batteries. A facility will be constructed in Saudi Arabia as part of the agreement.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up 4% to 88 cents. This morning, this lithium developer revealed that the US$80 million restart of its North American Lithium (NAL) project has been completed on time and on budget. Commercial spodumene concentrate production is now underway at the Canada-based project, with shipments expected to commence in the third quarter.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 8% to $1.82. Yesterday, this graphite producer released a mineral resource update for the Balama project. This update went down well with analysts at Macquarie. In response, the broker has retained its outperform rating and $2.30 price target on the companyâs shares. This implies potential upside of 26% for investors over the next 12 months even after todayâs strong gain.
The post Why Block, Novonix, Piedmont Lithium, and Syrah shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Why is the Sayona Mining share price having such a stellar end to the week?
- Piedmont Lithium share price surges 6% on ‘exciting milestone’
- ‘Very excited’: Why the Novonix share price is leaping 14% on Friday
- Why Appen, Regis Resources, Syrah, and Zip shares are charging higher today
- Leading brokers name 3 ASX shares to buy today
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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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