The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.25% to 8,891.8 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:
Elevra Lithium Ltd (ASX: ELV)
The Elevra Lithium share price is up 6% to $7.60. This morning, this lithium miner announced a non-binding agreement to supply Mangrove Lithium with spodumene concentrate produced at North American Lithium. A binding definitive agreement rests on a final investment decision by Mangrove Lithium for construction of a lithium conversion facility and the agreement on the final terms of the deal. If all goes ahead, Elevra would supply 140,000 tonnes per year of spodumene concentrate to Mangrove Lithium at market related prices, subject to a floor and ceiling price.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is up almost 2% to $163.90. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded the health imaging technology company’s shares to a buy rating with a $290.00 price target. It said: “Pro Medicus provides that infrastructure, so, in many ways the acceleration toward AI potentially makes its business case more compelling as a product versus peers â at least in the medium term.”
Sims Ltd (ASX: SGM)
The Sims share price is up 3% to $21.26. After the market close on Monday, this scrap metal company revealed that it has entered into an agreement to purchase assets of TCT Trading for US$66.5 million. It advised that this is seen as a key component to consolidating its Houston operations and significantly reducing its operating cost base. The company has also entered into an agreement to sell its nearby Mayo Shell property in Houston.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 6% to $5.48. This follows news that the wine giant has reached a settlement with Republic National Distributing Company (RNDC) in California. This follows RNDC’s decision to exit the California market last year. Treasury Wine will repurchase its Treasury Americas portfolio inventory held by RNDC in California at original sale value. In addition, the company advised that it now expects first-half EBITS of approximately $236 million. This compares favourably to its previous guidance range of $225 million to $235 million.
The post Why Elevra Lithium, Pro Medicus, Sims, and Treasury Wine shares are roaring higher appeared first on The Motley Fool Australia.
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More reading
- This ASX 200 stock is moving higher after a US reshuffle
- Let’s see why this broker thinks Pro Medicus shares could fly
- Why Treasury Wine shares are rising today
- 5 ASX stocks that are still good value at over $100 a share
- 2 quality ASX shares near 52-week lows worth watching
Motley Fool contributor James Mickleboro has positions in Pro Medicus and Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.