Why Delta Lithium, IAG, Mirvac, and Suncorp shares are climbing today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.35% to 7,786.2 points.

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

Delta Lithium Ltd (ASX: DLI)

The Delta share price is up 13% to 26 cents. Investors have been buying this lithium explorer’s shares after it released an update on its 100% owned Mt Ida Project in Western Australia. That update revealed that the company has discovered a significant gold deposit, not lithium. Management revealed that its mineral resource estimate for gold at Mt Ida (inferred and indicated) is now 6.6Mt @ 3.5 g/t Au for 752,000 ounces. Delta Lithium’s managing director, James Croser, said: “This is a wonderful result for Delta shareholders, reaffirming our long-held belief that the gold system at Mt Ida has significant scale and upside.”

Insurance Australia Group Ltd (ASX: IAG)

The Insurance Australia Group share price is up almost 7% to $7.11. This morning, this insurance giant released an update and reaffirmed its guidance for FY 2024. In respect to the latter, its reported insurance profit and margin are on track to be around the upper end of guidance ranges. In addition, IAG announced that it has purchased reinsurance protection to mitigate natural perils volatility for the next five years, alongside securing adverse development protection for its $2.5 billion long-tail reserves. IAG CEO Nick Hawkins said: “Today’s announcement is an important milestone in our strategy to create a stronger, more resilient IAG.”

Mirvac Group (ASX: MGR)

The Mirvac Group share price is up 4% to $1.88. This follows the release a trading update from the property company this morning. Mirvac reaffirmed its guidance for operating earnings per share of 14 cents to 14.3 cents in FY 2024 and a distribution per share of 10.5 cents. In addition, Mirvac revealed that it has delivered on its ~$1 billion asset sales program. This includes 367 Collins Street, Melbourne (exchanged and deposit received), with settlement expected in July 2024.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up 3.5% to $17.41. This has been driven by news that ANZ Group Holdings Ltd (ASX: ANZ) has received a major boost in its quest to acquire Suncorp Bank for $4.9 billion. The Federal Treasurer has approved the proposed acquisition, paving the way for the deal to complete in July. Suncorp Group’s chairman, Christine McLoughlin, said: “The Suncorp Group Board remains committed to returning to shareholders the majority of net proceeds following completion of the sale.”

The post Why Delta Lithium, IAG, Mirvac, and Suncorp shares are climbing today appeared first on The Motley Fool Australia.

More reading

• IAG shares jump 7% after cutting a deal with Warren Buffett’s Berkshire
• Guess which ASX lithium stock is rocketing 37% on a golden announcement
• ANZ shares higher on ‘significant’ $4.9b Suncorp Bank acquisition approval
• 4 ASX 200 dividend giants to buy in July
• Which ASX shares to buy if interest rates rise (and which to avoid)

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 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.