Why Galan Lithium, New Hope, TechnologyOne, and Virgin Money UK shares are rising

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,192.1 points.

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

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price is up over 5% to $1.52. Investors have been buying this lithium explorer’s shares after it announced “outstanding results” from second long-term pump test at Hombre Muerto West Project in Argentina.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up 8% to $5.80. This follows another rise by the coal Nymex price overnight. According to CommSec, the coal Nymex price rose a further 1.1% to US$203.25. This was despite the US dollar gaining in value and putting pressure on most commodities. Whitehaven Coal Ltd (ASX: WHC) shares are also rising strongly today.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is up 5% to $13.01. Investors have been buying this enterprise software provider’s shares following the release of a strong full year result. For the 12 months ended 30 September, TechnologyOne reported an 18% increase in revenue to $369.4 million and a 15% increase in profit before tax to $112.3 million. The latter was at the top end of the company’s guidance range.

Virgin Money UK (ASX: VUK)

The Virgin Money share price is up 12% to $2.85. This follows the release of the UK based bank’s full year results. For the 12 months ended 30 September, Virgin Money UK reported a 43% increase in statutory profit before tax to 595 million pounds (A$1 billion). The bank ended the period with an exit net interest margin (NIM) of 1.86%. It also announced a share buyback worth approximately $90 million.

The post Why Galan Lithium, New Hope, TechnologyOne, and Virgin Money UK shares are rising appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why are ASX 200 coal shares smoking hot on Tuesday?
• Guess which ASX 200 share is rocketing 13% on a ‘milestone year’
• Here’s how I’d invest $20,000 in ASX shares today to double my money
• TechnologyOne share price races 5% higher on strong FY22 growth
• Time to buy? Which ASX 200 shares are trading on single-digit P/E ratios?

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 recommended TechnologyOne Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/1WP6Nk2