In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,255.3 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 11% to $7.30. Investors have been scrambling to buy this rare earths producerâs shares after it announced that the Malaysian government has granted permission to keep importing and processing lanthanide concentrate at its Malaysian facility until 2024. Lynas is looking at taking further action with the aim of overturning an upcoming ban.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up almost 8% to 84 cents. This follows a strong session for lithium shares and the release of the companyâs quarterly update this morning. In respect to the former, investors have been piling into the industry amid hopes that lithium prices have bottomed for the time being.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 2% to $21.76. This morning, Australiaâs oldest bank released its half-year results and reported a 22% increase in profit to $4 billion. This was driven by a combination of solid net interest income growth and lower expenses. Westpac declared a 70 cents per share fully franked interim dividend, which was up 15% year over year.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up almost 3% to $34.03. Investors have been buying Woodside and other ASX 200 energy shares after oil prices rebounded strongly on Friday night. This has led to the S&P/ASX 200 Energy index rising by a sizeable 2.1% on Monday afternoon.
The post Why Lynas, Piedmont Lithium, Westpac, and Woodside shares are rising appeared first on The Motley Fool Australia.
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More reading
- Could this tax change end up burning the Woodside share price?
- Here’s what you need to know about the 70 cents Westpac dividend
- Why is ASX 200 share Lynas Rare Earths leaping 12% on Monday?
- Westpac share price on watch amid $4bn half-year profit
- ASX 200 energy shares expected to jump after oil prices surge
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. 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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