In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 6,782.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 2.5% to $14.64. This morning this lithium miner announced a funding agreement for the development of its Sal de Vida project. Allkem and the International Finance Corporation have agreed a US$200 million non-binding term sheet for a project financing facility for the project in the Catamarca Province of Argentina.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up over 7% to $2.22. Investors have been buying this energy producer’s shares after its Bauna royalty rate reduction was approved. Once formalised, the reduced royalty rate will apply to all incremental production from the Bauna, Piracaba and Patola fields in Brazil.
Stanmore Resources Ltd (ASX: SMR)
The Stanmore Resources share price is up 5.5% to $2.52. This morning this coal miner announced that it has completed the acquisition of the remaining 20% interest in BHP Mitsui Coal from Mitsui. In accordance with the sale agreement, the final price payable for the acquisition was US$270 million after adjusting for dividends paid to date. Stanmore now owns 100% of the business, which has since been renamed Stanmore SMC.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 4% to $10.87. This coal miner’s shares have continued to rise despite there being no news out of the company today. Following today’s gain, the Whitehaven Coal share price has now climbed a remarkable 295% since the start of the year.
The post Why Allkem, Karoon Energy, Stanmore Resources, and Whitehaven Coal are charging higher appeared first on The Motley Fool Australia.
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More reading
- Is there any stopping the Whitehaven share price?
- Allkem share price higher on Sal de Vida lithium project update
- After a smashing first quarter, what’s the outlook for ASX coal shares in Q2?
- Good times keep rolling for ASX lithium shares on Thursday
- Here are the top 10 ASX 200 shares today
Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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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