In late trade, the S&P/ASX 200 Index (ASX: XJO) looks set to record another small decline. The benchmark index is currently down 0.1% to 7,246.7 points.
Four ASX shares that are not letting that hold them back are listed below. Hereâs why they are rising:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 16% to $15.01. Investors have been scrambling to buy this lithium minerâs shares after it announced plans to merge with fellow industry giant Livent. This will create a $15.7 billion lithium monster with significant synergies and a collection of complementary operations.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 8% to $1.10. As well as the above giving the whole lithium industry a boost, Core Lithium released some news of its own this morning. That news included the local government granting it approval for the BP33 underground project. BP33, which would be the second proposed mine at the Finniss Project, has a mineral resource of 10.1Mt @ 1.48% Li2O.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up almost 10% to $7.78. This morning, the grain exporter released its half-year results and upgraded its guidance for FY 2023. Graincorp now expects a full-year net profit after tax of $220 million to $260 million. This is up from its previous guidance of $180 million to $220 million.
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price is up over 5% to $2.76. This follows the release of an announcement from the class action funder. The company revealed that it has entered into a term sheet to sell a participation in Fund 1 to Gerchen Capital Partners for an initial payment of US$38 million and a deferred fair value of the company’s retained residual interest in the Fund of US$35.7 million.
The post Why Allkem, Core Lithium, Graincorp, and Omni Bridgeway shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Why is the Galan Lithium share price rocketing 23% today?
- Here are the 3 most heavily traded ASX 200 shares on Thursday
- Top broker tips ‘scope for significant capital return’ on GrainCorp shares
- ASX lithium shares rocket higher amid Allkem merger news
- 3 ASX All Ordinaries shares rocketing over 14% on Thursday
Motley Fool contributor James Mickleboro has positions in Allkem. 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 Scott Phillips.
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