In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. At the time of writing, the benchmark index is up slightly to 7,505 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Bank of Queensland Limited (ASX: BOQ)

The Bank of Queensland share price is down almost 2.5% to $8.48. Investors have been selling this regional bank’s shares today following the release of a broker note out of Macquarie. According to the note, the broker has downgraded the bank’s shares to a neutral rating from outperform and cut the price target on them to $9.00.

Block Inc (ASX: SQ2)

The Block share price is down 2.5% to $180.49. This follows weakness in the tech sector following a poor night of trade on the Nasdaq index. It isn’t just the Block share price that is trading lower today. The S&P ASX All Technology index is down by a disappointing 1.3% this afternoon.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is down 2.5% to $26.82. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its sell rating and $24.30 price target on the retailer’s shares. It believes the apparel and accessories category will be most susceptible to downside risk from the weakening of the discretionary goods growth.

REA Group Limited (ASX: REA)

The REA share price is down 3.5% to $130.82. Investors may have concerns that rival Domain Holdings Australia Ltd (ASX: DHG) is closing the gap on REA following the announcement of its $180 million acquisition of Realbase. It is a leading campaign management technology platform in the Australia and New Zealand region. Management expects it to progress Domain’s strategy to deliver solutions that help agents and consumers at every stage of the property journey.

The post Why Bank of Queensland, Block, Premier Investments, and REA shares are dropping appeared first on The Motley Fool Australia.

More reading

• 2 highly rated ASX 200 shares analysts are tipping as buys right now
• Why Air NZ, Block, Eagers Automotive, and Harvey Norman shares are dropping
• ASX 200 (ASX:XJO) midday update: Tabcorp demerger update, BHP higher, Block tumbles
• How did ASX 200 bank shares perform today?
• BOQ share price punches 8% higher in March to sprout into the green

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 and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool Australia has recommended Premier Investments Limited and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nearmap Ltd (ASX: NEA) share price is in reverse today following an update relating to alleged patent infringements.

At the time of writing, the aerial imagery specialist’s shares are down 2.53% to $1.447.

Nearmap challenges ‘meritless claims’

In today’s statement, Nearmap advised it has filed three ‘inter partes’ reviews against EagleView and Pictometry. This is in regards to three patents that are subject to the current litigation of the latter.

EagleView and Pictometry has taken Nearmap to court due to alleged infringements surrounding its roof-estimation technology.

‘Inter partes’ is a legal procedure that disputes the validity of a United States patent before the country’s patent trial and appeal board.

Nearmap has stated that EagleView and Pictometry’s legal action is based on “meritless claims”.

Thankfully, the company says the ongoing legal challenge has not affected Nearmap’s operations in the United States.

Management noted that its North American portfolio continues to grow strongly following the recent signing of its largest ever government annual contract.

As such, Nearmap earlier this week highlighted it has surpassed group annual contract value (ACV) of $150 million for the first time ever. The Nearmap share price jumped 16% on the back of this announcement.

Furthermore, its North American business has surpassed the Australia and New Zealand portfolio.

The company reaffirmed that group ACV guidance is expected to be at the upper end of the $150 million to $160 million guidance range in FY22.

Nearmap share price summary

The Nearmap share price has faced a number of turbulent months, leading its shares to record a 30% loss over the past 12 months.

At current, the company’s share price is sitting within the lower end of its 52-week range of $1.065 to $2.38.

On valuation grounds, Nearmap commands a market capitalisation of roughly $720.99 million, with more than 498.95 million shares on issue.

The post Nearmap (ASX:NEA) share price backtracks following legal challenge update appeared first on The Motley Fool Australia.

More reading

• Top ASX shares to buy in April 2022
• Why Block, Lake Resources, Nearmap, and Telix shares are racing higher
• Why is the Nearmap (ASX:NEA) share price rocketing 13% today?

Motley Fool contributor Aaron Teboneras owns Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Pursuit Minerals Ltd (ASX: PUR) shares are shooting the lights out today, up by more than 50% after the minerals company announced a new find.

The ASX mining share revealed multiple gold and copper targets had been identified at its Warrior PGE-Ni-Cu Project in Calingiri East in Western Australia.

At the time of writing, the Pursuit Minerals share price is trading at 2.9 cents, up 52.63%.

What did Pursuit Minerals discover?

The nano-cap miner told the market today an analysis of auger soil sample assay results showed three high priority gold and copper targets.

This includes a 700m x 250m gold anomaly that is 50 times higher than the surrounding background values identified at the project’s Ablett prospect.

Pursuit managing director Bob Affleck said a consultant geochemist had confirmed the Au-Bi-As-Sb-Pb Orogenic Gold signature was “potentially related to basement mineralisation and not just enhancement in the regolith”.

The assay results also identified three high priority Pd anomalies at or near the Ablett prospect.

In addition, there are two large and untested copper anomalies at the new Smogo’s and Phil’s Hill West prospects. Pursuit said the results “compare very favourably with early soil results over Chalice Mining’s Gonneville discovery1 where 30ppm Cu, 150ppm Ni and 6ppm Pd were considered significant.”

What happens next?

Pursuit collected 2,017 samples taken at depths between 1.5m and 1.8m. The assays from 1,533 samples are now available, and the other results are pending.

Pursuit will start air core drilling of the targets this month. The miner intends to drill about 2,500m. The company expects the results of the drilling program in late June.

In its statement, the company said the results would “form the basis of ongoing campaigns at Calingiri East”.

Here’s what management said …

Commenting on the discovery, Affleck said:

Pursuit is excited to confirm multiple drill targets have been outlined by first pass auger sampling at Calingiri East. Analysis of the assays by consultant geochemist Dr Carl Brauhart of CSA Global confirms a Au-Bi-As-Sb-Pb signature at the Ablett Prospect is potentially related to basement mineralisation and not just enhancement in the regolith.

Additional fieldwork in March confirmed our Warrior ground has the right host rocks for Ni-Cu-PGE mineralisation, and we look forward to receiving infill sampling results and completing our forthcoming Air Core program in April.

What else is news with this ASX mining share?

Pursuit Minerals announced some changes to its executive team yesterday.

Pursuit appointed Affleck managing director, effective today, after almost a year as technical director. Affleck has more than 25 years of experience in minerals exploration. According to the statement, Affleck had been “critical to the advancement of the company’s exploration focus at its WA projects”.

Finance director Mark Freeman said: “With the company’s focus on the Warrior and Commando Projects in WA, it becomes clear that having a full time dedicated explorationist would have strong benefits for the company.”

Pursuit Minerals has a market capitalisation of $17.96 million.

The post Guess which ASX mining share just exploded 50% on a new strike appeared first on The Motley Fool Australia.

More reading

• Discounted bargain? The Kogan (ASX:KGN) share price is down 3%
• Brokers name 3 ASX shares to buy today
• 3 ASX All Ords commodities shares smashing new highs today
• Own Pilbara Minerals shares? Here’s why the CEO is so bullish on lithium prices
• The Ethereum price rocketed 25% higher in March. Here’s why

Motley Fool contributor Bronwyn Allen 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 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 Bruce Jackson.

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The Kogan.com Ltd (ASX: KGN) share price is currently down by more than 3%.

It has been a difficult 2022 so far for the e-commerce business. In the calendar year to date, Kogan shares have dropped by 36%.

The past year looks even worse for the business, registering a 55% decline.

What has happened to the Kogan share price?

In the last few months, there has been more investor attention on inflation and how interest rates may need to rise to combat that.

Billionaire Ray Dalio, the founder of Bridgewater Associates, once commented on how interest rates can affect asset prices:

It all comes down to interest rates. As an investor, all you’re doing is putting up a lump sum payment for a future cash flow.

But Kogan has also been dealing with its own issues that have been impacting the company. The company commented on its FY22 half-year result in late February that things had not turned around yet.

HY22 commentary

In the first six months of FY22, it said that gross sales had grown by 9.4% to $698 million.

However, due to the company’s problems, it made an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $2 million. It also made a statutory loss after tax of $11.9 million.

Kogan said that its losses reflected the impact of the continuing supply chain interruptions as a result of the COVID-19 situation and associated fluctuations in consumer demand.

Some of its costs, such as warehousing and selling costs, have been elevated because of the higher inventory levels. There have also been increased logistics costs.

However, the company has also been investing in expanding its Kogan First subscriber base because Kogan First subscribers demonstrate stronger loyalty and repeat purchasing behaviour than non-subscribers. It had 274,000 subscribers on 31 December 2021, with further growth to 310,000 in February 2022.

Broker opinion on the Kogan share price

UBS thinks it could be some time before the business recovers. The broker is ‘neutral’ on the Kogan share price, with a price target of $5.70.

The post Discounted bargain? The Kogan (ASX:KGN) share price is down 3% appeared first on The Motley Fool Australia.

More reading

• Kogan (ASX:KGN) shares spike another 6% post federal budget
• Up 8% in a month, are Kogan (ASX:KGN) shares staging a comeback rally?
• Sell rating: JB Hi-Fi (ASX:JHB) share price tipped to sink 28%
• These are the 10 most shorted ASX shares
• 3 ASX growth shares down more than 50% in a year

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Kogan.com ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Eagers Automotive Ltd (ASX: APE)

According to a note out of Morgans, its analysts have retained their add rating and $16.70 price target on this auto retailer’s shares. This follows news that it has signed an agreement to acquire a number of dealerships and associated properties for $205 million. Morgans expects the net earnings outcome to be ~3% accretion. It also notes that this portfolio optimisation provides Eagers Automative with immediate scale in the ACT, which will enable further geographic expansion of growth initiatives. The Eagers Automotive share price is trading at $13.89 on Friday.

Santos Ltd (ASX: STO)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $10.40 price target on this energy producer’s shares. This follows the release of the company’s climate change report this week. Morgan Stanley highlights that Santos is aiming to generate excess carbon credits from technologies to develop a carbon solutions business, creating new revenue streams and helping reduce customer emissions. The Santos share price is fetching $7.89 this afternoon.

Tabcorp Holdings Limited (ASX: TAH)

Analysts at Goldman Sachs have retained their buy rating and $6.20 price target on this gambling company’s shares. This follows the release of Tabcorp’s demerger update, which will see it spin off its lotteries business as a separately listed entity. Goldman is a fan of the plan and believes it could unlock significant shareholder value. The Tabcorp share price is trading at $5.51 on Friday afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Why Allkem, Argosy Minerals, Firefinch, and Tabcorp shares are charging higher
• Tabcorp (ASX:TAH) share price jumps as possible legal action threatens $11b demerger
• 5 things to watch on the ASX 200 on Friday
• Why Air NZ, Block, Eagers Automotive, and Harvey Norman shares are dropping
• What’s dragging on ASX 200 energy shares today?

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 and has recommended Goldman Sachs. 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 Bruce Jackson.

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It’s a good day on the market for ASX commodities shares, and these 3 All Ordinaries Index (ASX: XAO) stocks are making the most of it.

These commodity-producing shares have each taken off to hit new multi-year or all-time highs.

So, what’s been driving them upwards on Friday? Let’s take a look.

3 ASX All Ords commodities shares beating records on Friday

Firefinch Ltd (ASX: FFX)

The Firefinch share price has been flying higher lately, having gained 64% over the last 30 days.

That gain has continued today, with the company’s stock surging 9.5% to a new multi-year high of $1.15 in intraday trade.

Today’s boost has been driven by news of the company’s Goulamina Lithium Project.

The project’s joint venture company has received US$130 million of funding from its 50% owner Jiangxi Ganfeng Lithium.

Firefinch is planning to ultimately devest its holding in the project as part of a proposed demerger.

Neometals Ltd (ASX: NMT)

The Neometals share price is also taking off on Friday, launching 11.9% to reach $1.97 at its highest point of today’s session so far.

That gain also saw the ASX All Ords commodity stock reach an all-time high.   

The last time the market heard news from the vanadium producer and lithium recycler was on Tuesday.

Then, it released news of its joint venture, Primobius, which had opened its German commercial lithium-ion battery recycling facility.

However, the company’s latest gains might be more to do with its work in the vanadium sphere.

As The Motley Fool Australia’s Sebastian Bowen reported yesterday, the element has been the talk of the town on the ASX.

That might be drawing attention to the stock and potentially buoying its share price.

Argosy Minerals Limited (ASX: AGY)

The final ASX All Ords commodity share to be reaching new heights on Friday is Argosy Minerals.

The lithium miner’s stock surged 8.5% earlier today to trade at a new all-time high of 51 cents.

The gains followed news of the company’s Rincon Project – its lithium carbonate production operation.

67% of the development works at the project have now been completed and production is on track to begin in the middle of this year.

The post 3 ASX All Ords commodities shares smashing new highs today appeared first on The Motley Fool Australia.

More reading

• Why Allkem, Argosy Minerals, Firefinch, and Tabcorp shares are charging higher
• Neometals (ASX:NMT) share price shoots to new 52-week high
• Here’s why lithium miner Argosy Minerals’ (ASX:AGY) share price is leaping 9% today
• Why is the Firefinch (ASX:FFX) share price charging higher again?
• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards

Motley Fool contributor Brooke Cooper 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 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 Bruce Jackson.

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The Pilbara Minerals Ltd (ASX: PLS) share price is soaring today after the lithium miner’s CEO made some bullish comments.

At the time of writing, Pilbara Minerals shares are up 8.13% at $3.46 apiece.

Pilbara Minerals is one of the biggest lithium miners on the ASX, with a market capitalisation of $9.5 billion, according to the ASX.

Lithium prices expected to remain strong

The company is currently seeing very high lithium prices, which is helping to push up the Pilbara Minerals share price.

During the first half of FY22, the company achieved an average selling price of around US$1,250 per dry metric tonne.

Pilbara Minerals said that demand for and pricing of lithium chemicals and spodumene concentrate increased significantly during the period, resulting in record revenue of $291.7 million.

However, on the date that Pilbara Minerals released its HY22 result (23 February 2022), it said that after the end of the half-year, the price had continued to increase. Price reporting agencies indicated spot spodumene concentrate prices were in the range of between US$3,750 per dry metric tonne to US$4,500 per dry metric tonne.

However, the outgoing CEO of Pilbara Minerals, Ken Brinsden, said prices were likely to stay strong. The Australian Financial Review reported Brinsden as saying:

If you’re the average car or EV maker, if you’re a cell maker today, you’re just about hitting the panic button because value-added chemicals in the lithium industry have gone through the roof.

It’s happened because the carmakers were asleep at the wheel, they were not paying attention to the raw materials supply base, they are too far removed. Inevitably [demand] was coming back, and today they’ve been caught short, and they’re going to have to pay through the nose to be able to access raw materials. It’s going to be a big issue for them for quite some time to come.

[It’s] very, very healthy pricing and likely to stay strong. A mine takes five to seven years to get up and running. You can build a chemical plant and a car plant in less than two years…so it’s going to take quite some time for the mines to catch up.

How long could this go on for?

Rio Tinto Limited (ASX: RIO) says lithium demand is forecast to grow by 25% to 35% per annum over the next decade, with a significant supply-demand deficit expected in the second half of this decade.

Brinsden suggested it will be some time before supply catches up, according to the AFR, with electric vehicle demand expected to keep rising. He said:

You’ve got no choice but to lay that incentive price on the table, otherwise the raw materials supply base will not grow. Honestly, the raw material guys, at least for the foreseeable future, are going to keep winning the margin because they are so far behind as compared to where demand is today.

Meanwhile, Pilbara Minerals gave a ‘mid-stream’ project update yesterday. The completed scoping update provided preliminary support for the construction of a demonstration-scale chemicals facility at Pilgangoora, producing value-added lithium phosphate salts via an “innovative refining process”.

Pilbara Minerals share price snapshot

With today’s gains factored in, the Pilbara Minerals share price is up 28% over the past month and 220% over the past year.

It has also risen by 8% this year to date and 11% in the past week.

The post Own Pilbara Minerals shares? Here’s why the CEO is so bullish on lithium prices appeared first on The Motley Fool Australia.

More reading

• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
• Here’s why the Pilbara Minerals (ASX:PLS) share price is spiking today
• These 3 ASX 200 shares are topping the volume charts on Wednesday
• Buying ASX shares to cash in on the EV and battery metals craze? Read this
• These 3 ASX 200 shares are topping the volume charts on Monday

Motley Fool contributor Tristan Harrison 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 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 Bruce Jackson.

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The Ethereum (CRYPTO: ETH) price started off the month trading for US$2,737.

Ethereum finished March worth US$3,424, according to data from CoinMarketCap.

That puts the Ethereum price up an impressive 25% in March. And it went a long way to erasing the painful losses suffered in the first 2 months of the year. As of last night, the world’s number 2 token by market cap was down 12% year-to-date.

So, what moved the Ethereum price in March?

Like its big brother Bitcoin (CRYPTO: BTC), the Ethereum network still relies on a proof of work (PoW) consensus protocol. And that method uses a tremendous amount of energy, as we covered here today.

The Ethereum price thus got a healthy lift in mid-March when the European Union voted against imposing a virtual ban on crypto miners using PoW protocols.

The coming ‘Merge’

Now Ethereum is planning on shifting to a proof of stake (PoS) protocol later this year. The cryptos designers have been busily testing the process.

PoS will see Ethereum transactions become faster, cheaper, and – perhaps most importantly in a world intent on decreasing carbon emissions – a lot less energy intensive.

The coming shift also has some crypto analysts predicting a big move higher for the Ethereum price.

In March, Kain Warwick, founder of derivatives trading system Synthetix, went so far as to forecast Ethereum will almost triple from its current levels. He expects to see it at US$10,000 before the end of 2022.

According to Warwick:

New people wanting to swap dollars for Ethereum and build on top were finding the fees completely prohibitive. But there has been so much work done on scaling the Ethereum blockchain that there is a really credible case for new entrants where it is viable for them to transact.

The upgrade to PoS, also called ‘The Merge’ is expected to move forward by mid-year.

On the first day of April, the Ethereum price is down 4.5% to US$3,267.

The post The Ethereum price rocketed 25% higher in March. Here’s why appeared first on The Motley Fool Australia.

More reading

• Here’s what ESG investors should know about cryptos like Bitcoin
• Why Ethereum and Dogecoin are dropping today
• This cryptocurrency just exploded 30% higher, overnight
• Ethereum price outpaces Bitcoin as crypto investors eye ‘The Merge’
• Why this lesser-known crypto left Bitcoin in the dust this week

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BHP Group Ltd (ASX: BHP) share price went up by 10.9% in March 2022. The resources giant outperformed the S&P/ASX 200 Index (ASX: XJO).

During March, the ASX 200 went up by 6.4%. That means that the resources giant outperformed the ASX 200 by 4.5% over the month.

What could have helped the BHP share price?

March was dominated by news of the Russian invasion of Ukraine.

BHP produces several commodities including iron ore and petroleum. The iron ore price rose from US$142 per tonne to around US$150 over the month.

The petroleum price rose amid concerns regarding global supply as sanctions were applied to Russia.

Other commodity prices remain high, such as coal. BHP also produces nickel and copper, which are seeing growing demand as the world looks to decarbonise.

The company paid its interim dividend on 28 March 2022, after the recent FY22 half-year result.

BHP didn’t announce any market-sensitive news during March that may have impacted the BHP share price. However, the company did release a presentation after the market had closed on 28 February, explaining its HY22 performance and the long-term outlook.

HY22 highlights and outlook

The commodity giant said that it had a strong first half of production, with disciplined cost control. Its earnings before interest, tax, depreciation and amortisation (EBITDA) margin improved to 64%.

BHP decided to pay an interim dividend of US$1.50 per share, which represented a payout ratio of 78%.

In terms of the outlook, BHP said that it could benefit from the power of scale and compound growth.

The ASX mining share stated that “population growth, decarbonisation and rising living standards will drive demand for energy, metals and fertilisers for decades.”

BHP said the world population is expected to grow from 7.7 billion to 8.5 billion by 2030. This is expected to lead to increasing demand, with world GDP growing from US$87 trillion to US$161 trillion by 2030. Capital expenditure is expected to grow from US$23 trillion to US$37 trillion by 2030.

Commodity comments

BHP also said in the presentation that it is actively managing its portfolio for long-term value creation through the cycle.

With iron ore, it said that it’s the lowest cost major globally, with no new hubs needed for at least a decade.

It described its metallurgical coal, which is used to make steel, as a world-class resource with high-quality coal that benefits from “sustained price differentials”.

The resources business has divested some of its commodities. It will soon divest its petroleum assets to Woodside Petroleum Limited (ASX: WPL). It is also in the process of selling its energy and lower quality metallurgical coal operations.

BHP is also looking to increase exposure to future-facing commodities including copper, nickel and potash.

The company ended its presentation by saying that it has levers to deliver value growth, “increasing options through productivity, internal resources and external opportunities across varying time horizons.”

It claimed to grow shareholder value (meaning things like dividends and the BHP share price) through “operational excellence, optimal excellence, optimal allocation of capital and sustainably creating high returns.”

The post The BHP share price went up over 10% in March appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Allkem jumps on lithium pricing update: Domain to acquire Realbase
• These were the best performing ASX 200 shares in March
• These were the worst performing ASX 200 shares in March
• 5 things to watch on the ASX 200 on Friday
• The ASX 200 just had its longest winning streak since 2017. What’s doing?

Motley Fool contributor Tristan Harrison 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 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 Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start and is edging higher. At the time of writing, the benchmark index is up 0.1% to 7,506.3 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 8% to $12.35 following the release of a lithium pricing update. That update reveals that strong market conditions continue to positively impact lithium prices. So much so, for the June quarter, Allkem expects the average price received for lithium carbonate to be US$35,000 per tonne FOB. This is up from US$27,236 per tonne during the March quarter. It is also more than triple the US$11,095 per tonne commanded during the first half.

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is up 5% to 49.5 cents. This morning the lithium developer provided a progress update for its Rincon Lithium Project in Argentina. According to the release, Argosy is on track to commence production of 99.5% battery quality lithium carbonate product from mid-2022. This bodes well for Argosy given Allkem’s announcement.

Firefinch Ltd (ASX: FFX)

The Firefinch share price is up 9% to $1.14. This follows the receipt of US$130 million in funding from its joint venture partner Jiangxi Ganfeng Lithium for the Goulamina Lithium Project in Mali. Combined with debt funding provided by Ganfeng, the Goulamina Lithium Project is expected to be substantially funded through the development phase.

Tabcorp Holdings Limited (ASX: TAH)

The Tabcorp share price is up 3% to $5.50. This morning the team at Goldman Sachs retained its buy rating and $6.20 price target on the gambling company’s shares. In response to its demerger update, the broker said: “We continue to see this [demerger] as a key catalyst in unlocking significant shareholder value.”

The post Why Allkem, Argosy Minerals, Firefinch, and Tabcorp shares are charging higher appeared first on The Motley Fool Australia.

More reading

• Tabcorp (ASX:TAH) share price jumps as possible legal action threatens $11b demerger
• Allkem (ASX:AKE) share price leaps 6% following lithium pricing update
• ASX 200 (ASX:XJO) midday update: Allkem jumps on lithium pricing update: Domain to acquire Realbase
• Here’s why lithium miner Argosy Minerals’ (ASX:AGY) share price is leaping 9% today
• Why is the Firefinch (ASX:FFX) share price charging higher again?

Motley Fool contributor James Mickleboro owns 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 Bruce Jackson.

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