In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from yesterdayâs selloff. At the time of writing, the benchmark index is up 1.3% to 7,117.2 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are charging higher:
European Lithium Ltd (ASX: EUR)
The European Lithium share price is up 15% to 8.3 cents. Investors have been buying this lithium explorerâs shares after it announced a binding offtake agreement with auto giant BMW. From 2026, European Lithium will supply BMW with a total of 50,000 metric tonnes of battery grade lithium hydroxide from the Wolfsberg Lithium Project in Austria.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 7% to $3.04. Evolution and other gold miners are charging higher today after the gold price rose strongly overnight. This has led to the S&P/ASX All Ordinaries Gold index rising an impressive 4.9% on Wednesday.
Medadvisor Ltd (ASX: MDR)
The Medadvisor share price is up 11% to 25 cents. This morning, the medtech company released its revenue guidance for the first half of FY 2023. Medadvisor revealed that it expects to report half year revenue between $58 million and $61 million. This will be up 50% to 60% on the prior corresponding period.
REA Group Limited (ASX: REA)
The REA share price is up 3% to $112.39. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its conviction buy rating with a slightly trimmed price target of $158.00. Goldman commented: âFollowing the recent decline in share prices, REA/DHG are now trading on 19x/13x 12mf EBITDA, which we see as very attractive vs. historical levels (>20% discount).â
The post Why European Lithium, Evolution, Medadvisor, and REA shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX lithium share is rocketing 22% on a deal with BMW
- 5 things to watch on the ASX 200 on Wednesday
- 5 things to watch on the ASX 200 on Tuesday
- Here are the top 10 ASX 200 shares today
- 5 things to watch on the ASX 200 on Thursday
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. owns shares of MedAdvisor. The Motley Fool Australia has recommended REA Group and Medadvisor. 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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