In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 1% to 7,200.3 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 6% to $12.57. Investors have been buying this lithium minerâs shares in response to a positive broker note out of Jefferies. According to the note, the broker has upgraded Allkemâs shares to a buy rating with an improved price target of $15.50. The broker sees risks to lithium supply growth, which bodes well for prices in the near term.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 5% to $4.06. This has also been driven by a bullish broker note. According to a note out of Citi, its analysts have upgraded this lithium minerâs shares to a buy rating with a $4.70 price target. The broker commented: âPLS has pulled back ~30% since November against weaker-than-expectedâ albeit still growingâEV sales and anticipated battery supply chain destocking. In our view, the correction is overdone and we upgrade PLS to Buy from Neutral.â
Talga Group Ltd (ASX: TLG)
The Talga share price is up 6% to $1.68. This follows the announcement of a non-binding letter of intent with French electric vehicle battery manufacturer Verkor. According to the release, the two parties are looking at offtake supply agreements for Talga’s flagship graphite anode product, Talnode-C.
Westgold Resources Ltd (ASX: WGX)
The Westgold share price is up over 7% to $1.12. This morning, this gold miner released an update on its performance during the second quarter. Westgold delivered record production of 110,606 tonnes at 3.47g/t Au. This is up from its previous record of 90,588t at 3.2g/t Au during the prior quarter. The company also released âoutstandingâ drilling results.
The post Why Allkem, Pilbara Minerals, Talga, and Westgold shares are storming higher today appeared first on The Motley Fool Australia.
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More reading
- Will 2023 be a golden year for ASX 200 mining shares?
- ‘Correction is overdone’: broker upgrades Pilbara Minerals shares to buy
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Could higher global EV sales boost ASX 200 lithium shares?
- Down 11% in a month, should I buy the dip in Pilbara Minerals shares?
Motley Fool contributor James Mickleboro has positions in Allkem. 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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