The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and started the week strongly. In late morning trade, the benchmark index is up 0.6% to 6,880.3 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up 3% to 16.5 cents. This morning the lithium-focused mineral exploration company announced the receipt of firm commitments to raise $30 million through a significantly oversubscribed placement. Management advised that it was supported by high quality institutional investors. This means the Rincon Lithium Project is now fully funded through to 2,000tpa lithium carbonate production and cash-flow generation.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price has jumped 7% to 73 cents. Investors have been buying the pharmacy chain operator and wholesale distributor’s shares following the release of a trading update. That update revealed that Sigma has had a very strong second half. As a result, it expects to report operating earnings growth of over 35% for FY 2021. Management also spoke positively about its future growth.
Vocus Group Ltd (ASX: VOC)
The Vocus share price has surged 14% higher to $4.99 after confirming the receipt of a takeover approach. According to the release, the company has received a confidential non-binding, indicative proposal from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds. MIRA has tabled an offer of $5.50 per share, which represents a 25.5% premium to its last close price. Vocus has granted MIRA with due diligence access.
Zip Co Ltd (ASX: Z1P)
The Zip share price has climbed 8.5% to $9.43. This appears to be due to speculation that the buy now pay later provider could be looking at a secondary listing in the United States. This would give the company greater access to US capital markets.
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Returns as of 6th October 2020
More reading
- Here’s why the Sigma (ASX:SIG) share price is surging 6% higher
- Why the Vocus (ASX:VOC) share price is zooming 19% higher today
- ASX 200 Weekly Wrap: RBA unleashes ASX’s inner animal
- 5 things to watch on the ASX 200 on Monday
- Could these exciting small cap ASX shares be the next big thing?
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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 Bruce Jackson.
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