In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a day to remember. At the time of writing, the benchmark index is up 1.8% to 6,579.1 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Cogstate Limited (ASX: CGS)
The Cogstate share price is up 16% to $2.21. Investors have been buying this neuroscience technology company’s shares after Japanese drugmaker Eisai revealed that its experimental drug for Alzheimer’s disease has helped slow cognitive decline in patients in the early stages of the illness. While Cogstate won’t benefit directly from this, it has suggested that the news could “lead to a general increase in research and development expenditure in respect of Alzheimer’s disease, which may provide additional sales opportunities.”
Global Lithium Resources Ltd (ASX: GL1)
The Global Lithium share price is up almost 7% to $2.30. This morning the lithium developer announced an agreement with leading Korean battery manufacturer SK On Co (SKO). SKO is a supplier of batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up over 14% to $23.66. This follows the release of a very strong full year result from the retail conglomerate this morning. Premier Investment reported a 5.2% increase in global sales to $1,497.5 million and a 4.9% lift in net profit after tax to $285.2 million. This was driven by strong sales growth online and from the Peter Alexander and Smiggle brands.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3.5% to $31.80. Investors have been buying Woodside shares after oil prices raced higher overnight. This was driven by news that US crude and fuel stocks had fallen more than expected. It isn’t just Woodside rising today. The S&P/ASX 200 Energy index is up 3.2% this afternoon.
The post Why Cogstate, Global Lithium, Premier, and Woodside shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- 3 ASX All Ords shares rocketing higher on good news today
- Why is the Woodside share price on the rise today?
- 3 ASX lithium shares having a stellar run on Thursday
- The Cogstate share price is rocketing again, up another 27% on Thursday
- Premier Investments share price jumps 7% on record FY22 profits and special dividend
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 positions in and has recommended CogState Limited. The Motley Fool Australia has positions in and has recommended CogState Limited. The Motley Fool Australia has recommended Premier Investments Limited. 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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