Investors may be on the lookout for ASX dividend shares that are paying big yields.

Businesses that have relatively low price/earnings ratios (p/e ratio) and higher dividend payout ratios can combine nicely, resulting in a high dividend yield.

Keep in mind that just because a business pays a dividend doesn’t automatically make it worth owning for income. However, at the right price, ASX dividend shares can make sound investments.

Here are two to consider:

Nick Scali Limited (ASX: NCK)

Nick Scali says it sources its furniture products from around the world and imports directly from some of the largest and most respected manufacturers globally.

The ASX dividend share has benefited from the strong retail environment and the spending on homes.

Management say the company’s future growth will primarily be driven by the rollout of new stores and increasing online penetration. It’s going to accelerate initiatives to capture these opportunities. It has a total of 61 outlets and is aiming for 85 over the long-term.

FY22 saw a significant improvement for the business where sales revenue rose 42.1% to $373 million and underlying net profit after tax (NPAT) grew by 100% to $84.2 million. Numerous improvements across the business saw the earnings before interest and tax (EBIT) margin increase by 940 points to 32.7%.

Nick Scali reported that it saw written online sales orders of $18.3 million in FY21, with $5.5 million in the fourth quarter of FY21. The FY21 fourth quarter was an 84% increase on the fourth quarter of FY20. Full year revenue was $15.3 million, with an EBIT contribution of $8.8 million.

In FY21, Nick Scali paid an annual dividend of $0.65 per share, which translates to a grossed-up dividend yield of 8.2%.

The ASX dividend share is currently rated as a buy by the broker Citi, with a price target of $13.80.

Rio Tinto Limited (ASX: RIO)

The Rio Tinto share price has fallen by around 25% since the end of July 2021.

Some analysts see an opportunity, such as Macquarie Group Ltd (ASX: MQG), which rates Rio Tinto as a buy.

Looking at the FY22 forecast, Macquarie thinks the Rio Tinto share price is valued at 5x the estimated earnings for the next financial year. FY22 could also come with a grossed-up dividend yield of 15.7%.

The FY21 result came with a total dividend of US$5.61 per share, which included an ordinary dividend of US$3.76 per share (up 143%) and a special dividend of US$1.85. This came after a very large increase in profit and cashflow. HY21 free cashflow increased 262% to US$10.2 billion and underlying earnings rose 156% to US$12.2 billion.

Compared to plenty of other miners, this ASX dividend share is diversified and not totally reliant on one commodity. Rio Tinto explains:

We produce iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds that set the standard for “responsible”, titanium for household products and borates for crops that feed the world.

It also has a long-term lithium project in Europe called Jadar on the cards. It could supply enough lithium to power over one million electric vehicles per year.

The post 2 ASX dividend shares with BIG yields appeared first on The Motley Fool Australia.

More reading

• Rio Tinto (ASX:RIO) share price lifts as CEO eyes critical minerals expansion
• How China’s energy crisis could be good for BHP (ASX:BHP) and Rio Tinto (ASX:RIO)
• ASX 200 (ASX:XJO) midday update: Fortescue jumps, Wesfarmers dealt takeover blow
• Here’s why the Rio Tinto (ASX:RIO) share price is down 20% in 3 months
• These 5 ASX shares are going ex-dividend this week

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 owns shares of and has recommended Macquarie 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 Northern Star Resources Ltd (ASX: NST) is not having a great time of it right now. Shares in the Aussie gold miner fell lower on Thursday and are now down 11% in the past fortnight.

Here’s what’s weighing on the company’s valuation in September.

Why the Northern Star share price is down 11% in 2 weeks

The latest share price moves don’t appear to be driven by any big company news. In fact, Northern Star hasn’t provided any price-sensitive news since September 16 when it completed its Central Tanami Project joint venture.

Perhaps the bigger factor at play is gold prices. Whenever ASX resources shares like Northern Star are under pressure, it can pay to see what the broader market is doing as well as underlying commodities.

It’s true the last 2 weeks haven’t been great for the S&P/ASX 200 Index (ASX: XJO). The broad market index has edged 0.8% lower in the past fortnight weighed down by tech and resources shares.

Chief among those falling resources shares are ASX gold shares like Northern Star and Newcrest Mining Ltd (ASX: NCM). Much of those movements can be traced back to falling global gold prices.

Gold has historically been viewed as a safe haven asset. That means it has tended to be in demand, and therefore perform strongly when shares are underperforming. It’s also often seen as a good hedge against inflation, which is what many investors expected we’d see a lot of in 2021.

However, that hasn’t necessarily been the case. With yields rising on expectations of a sooner than expected US Federal Market Open Committee (FOMC) rate hike, gold prices are falling.

In fact, more investors have been flocking towards the US dollar for safety in recent weeks and away from gold. That has reduced demand and sent prices of the precious metal tumbling.

We’ve seen that reflected in the Northern Star share price of late. Shares in the Aussie gold miner are down 11% in the last 2 weeks and 36.2% for the year.

Foolish takeaway

The Northern Star share price is under pressure in 2021 and September has not been a month that investors will want to remember.

Shares in the Aussie gold miner are trading at a price to earnings (P/E) ratio of 7.4 with a 2.2% dividend yield on Thursday afternoon.

The post Here’s why the Northern Star (ASX:NST) share price has lost 11% in 2 weeks appeared first on The Motley Fool Australia.

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• Why the Metalstech (ASX:MTC) share price hit a record high today
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Monday
• Top brokers name 3 ASX shares to buy next week
• ASX 200 rebounds into positive territory led by energy and materials shares

Motley Fool contributor Ken Hall 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 JB Hi-Fi Limited (ASX: JBH) share price was a strong performer on Thursday.

The retail giant’s shares ended the day with a gain of 3% to $45.52.

Why did the JB Hi-Fi share price charge higher?

As well as benefiting from a strong day by the S&P/ASX 200 Index (ASX: XJO), JB Hi-Fi’s shares were given a boost by a bullish broker note.

According to the note out of Citi, its analysts have upgraded the retailer’s shares to a buy rating from neutral.

And while the broker has trimmed its price target slightly from $55.00 to $53.00, this still implies material upside of 16% for the JB Hi-Fi share price over the next 12 months.

And that doesn’t include the generous dividend the broker is forecasting in FY 2022. Citi has pencilled in a fully franked dividend per share of $2.28.

Based on the current JB Hi-Fi share price, this will mean a 4.3% yield, which extends the total potential return to over 20%.

What did the broker say?

Citi made the move on valuation grounds. It believes the recent pullback by JB Hi-Fi’s shares has been overdone and created a buying opportunity.

The broker points out that the company’s shares are changing hands at a discount of 40% to the ASX 200 index excluding resources shares. This is significantly greater than historical multiples.

Citi isn’t alone with this view. The team at Credit Suisse also believe the company’s shares are trading at an attractive level.

According to a note from earlier this month, the broker has an outperform rating and $53.66. This suggests there’s almost 18% upside for the JB Hi-Fi share price from here.

This could make it one to consider if you’re looking for options in the retail sector.

The post JB Hi-Fi (ASX:JBH) share price charges higher on broker upgrade appeared first on The Motley Fool Australia.

More reading

• 2 high-yielding ASX 200 dividend shares
• Woolworths (ASX:WOW) and Coles (ASX:COL) could face a margin shock
• Here’s what this broker thinks of the JB Hi-Fi (ASX:JBH) share price
• JB Hi-Fi (ASX:JBH) share price up amid ‘confident’ outlook for FY22
• The JB Hi-Fi (ASX:JBH) share price is down 9% in a month. Is it a buy?

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 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 Renergen Ltd (ASX: RLT) share price has had a positive afternoon in the green today, trading up 3.7% at $1.96 per share near the market close.

That’s a good bit better than the 1.3% gain posted by the All Ordinaries Index (ASX: XAO) at this same time.

Below we look at the quarterly activities report from the alternative and renewable energy company.

What results did Renergen report for the quarter?

The Renergen share price is on the rise after the company reported a 13% boost in revenues from the previous quarter.

While revenues were up, operating costs decreased 19% quarter on quarter, which the company partly attributed to the reversal of bonus provisions in place the prior year.

Along with other cost reductions, this resulted in a 15% decrease in losses for the quarter and in an improved cash position.

The company highlighted its position as a low-cost helium producer, saying it was “nearing positive earnings generation”.

Over the quarter, Renergen drew the final tranche of its United States International Development Finance Corporation (DFC) loan. This added US$7.5 million (AUD$10.4 million) to its cash reserves.

The company is entering the final stages of construction and commissioning for its plant, reporting that gas gathering was completed. It also said that temporary power generators and a permanent substation were installed and connected during the final week of August.

Renergen expects commissioning to start in December 202. It is forecasting a turn-on date “before the end of 2023, with full production during 2024”.

Renergen share price snapshot

The Renergen share price is up an impressive 90% over the past 12 months, compared to a gain of 27% posted by the All Ords.

Renergen’s shares hit all-time highs of $2.75 on 12 April. That was likely driven by news that its Cryo-Vacc system could be used to transport temperature sensitive COVID-19 vaccines, keeping them at ultra-cold temperatures for up to 30 days without the need for outside power sources.

The post Why the Renergen (ASX:RLT) share price has charged higher today appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Top brokers name 3 ASX small cap shares to buy
• Here’s why the Field Solutions (ASX:FSG) share price is roaring 9% today
• QMines (ASX:QML) share price jumps 14%, up 30% in 6 days
• Forrestania Resources (ASX:FRS) share price rockets 45% on IPO

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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Today, the S&P/ASX 200 Index (ASX: XJO) delivered a much-needed dose of green. The benchmark index surged 1.88% to 7,332.2 points.

In a change of scenery, all of the ASX’s sectors finished higher on Thursday. The strongest performers appeared among consumer staples, industrials, and banks.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Orica Ltd (ASX: ORI) was the biggest gainer today. Shares in the explosives and chemicals manufacturer surged 14.2% following the release of a broker note from Morgans. Find out more about Orica here.

The next biggest gaining ASX share today was Beach Energy Ltd (ASX: BPT). The oil and gas company experienced a jump of 7.48% in its share price. This follows continued strength in the price of oil overnight. Uncover the latest Beach Energy details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Orica Ltd (ASX: ORI)	$13.75	14.20%
Beach Energy Ltd (ASX: BPT)	$1.4725	7.48%
Codan Ltd (ASX: CDA)	$12.675	5.71%
Reece Ltd (ASX: REH)	$18.98	4.29%
Treasury Wine Estates Ltd (ASX: TWE)	$12.395	4.16%
Domino’s Pizza Enterprises Ltd (ASX: DMP)	$160.18	3.81%
Iluka Resources Ltd (ASX: ILU)	$9.07	3.78%
Pro Medicus Ltd (ASX: PME)	$54.54	3.75%
Mineral Resources Ltd (ASX: MIN)	$44.90	3.62%
South32 Ltd (ASX: S32)	$3.51	3.54%

Our top 10 ASX shares countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Why Damstra, EML, Orica, & South32 shares are storming higher
• Here are 3 ASX 200 shares topping the volume charts so far today
• Up 7%, the Beach Energy (ASX:BPT) share price is surging. Here’s why
• Which ASX 300 shares are leading the way on Thursday?
• Orica (ASX:ORI) share price jumps 15% on broker upgrade

Motley Fool contributor Mitchell Lawler owns shares of Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. and Treasury Wine Estates Limited. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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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As well as covering large caps, many brokers also cover smaller companies.

In light of this, I thought I would scour through a range of recent notes to see which small cap ASX shares are in favour with brokers at present.

Three that have been given buy ratings are listed below. Here’s why brokers like them:

Genmin Ltd (ASX: GEN)

According to a note out of Bell Potter, its analysts have initiated coverage on this iron ore exploration company’s shares with a speculative buy rating and 44 cents price target. The broker has been looking over Genmin’s pipeline of projects in Gabon, Africa. It believes there is the potential to support an iron ore production hub initially of 5-10Mtpa. Overall, the broker likes the company due to it offering exposure to future high margin iron ore production and the strategic theme of the development of ex-Australian iron ore supply. The Genmin share price is fetching 19.5 cents on Thursday.

Micro-X Ltd (ASX: MX1)

A note out of Morgans reveals that its analysts have retained their speculative add rating and 58 cents price target on this x-ray technology company’s shares. Morgans notes that the company has signed a number of key contracts this month. This includes with the US Department of Homeland Security and Australian Stroke Alliance. The latter is worth $8 million to the company and is for the development of lightweight stroke diagnostic imaging technology. The Micro-X share price is trading at 33 cents today.

Readytech Holdings Ltd (ASX: RDY)

Analysts at Macquarie have retained their outperform rating and lifted their price target on this mission critical software company’s shares to $3.98. This follows news that the company has signed an agreement to acquire Avaxa for $2.2 million. Avaxa is a specialist enterprise student management software company. Macquarie expects it to support ReadyTech’s JobReady Plus platform. The Readytech share price is trading at $3.49 today.

The post Top brokers name 3 ASX small cap shares to buy appeared first on The Motley Fool Australia.

More reading

• ReadyTech (ASX:RDY) share price jumps on new acquisition
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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 and has recommended Readytech Holdings Ltd. The Motley Fool Australia has recommended Readytech Holdings 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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The Field Solutions Holdings Ltd (ASX: FSG) share price is heading north after the company announced its completed capital raise.

During late-afternoon trade, the regional telco carrier’s shares are swapping hands for 18 cents a pop, up 9.09%.

Details of the share placement

Investors are buying up Field Solutions shares after the company released the latest results of its capital raising efforts.

In the release, Field Solutions advised it has received firm commitments to raise $20 million through an institutional placement. The offer was presented to institutional and professional investors at an issue price of 16.5 cents per share. This equates to approximately 121.2 million new ordinary shares being added to the company’s registry.

Field Solutions highlighted that it received applications totalling more than $40 million, reflecting strong interest from institutional and sophisticated investors.

The company said it would allocate the proceeds towards funding the company’s growth strategy and providing flexible opportunities when accelerating its network expansion.

Field Solutions will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to an additional 15% of its total shares to be issued without shareholder approval (78,472,768 shares). The company will use an extension to the listing rule (listing rule 7.1A) to issue the remaining shares with the additional 10% capacity (55,648,512 shares).

What did management say?

Field Solutions CEO Andrew Roberts said:

The additional funding will allow us to support working capital in the roll-out of our Regional Australia Network (RAN), covering 6 states and allow capability to extend further if opportunities arise to increase coverage and capability.

… To have outstanding support provided by significant cornerstone funds not previously invested, and further support from existing holders, this is a great boost to see such confidence in our vision to build a network for rural, regional and remote Australia.

Field Solutions share price review

Since listing in October, Field Solutions shares have accelerated to post a gain of more than 300%. The company’s share price is about 14% off its 52-week high of 21 cents reached last month.

Based on today’s price, Field Solutions presides a market capitalisation of roughly $100.1 million, with around 556.5 million shares on issue.

The post Here’s why the Field Solutions (ASX:FSG) share price is roaring 9% today appeared first on The Motley Fool Australia.

More reading

• QMines (ASX:QML) share price jumps 14%, up 30% in 6 days
• Forrestania Resources (ASX:FRS) share price rockets 45% on IPO
• Why Damstra, EML, Orica, & South32 shares are storming higher
• These 3 ASX resources shares are going ex-dividend today
• Why the Sandfire (ASX:SFR) share price is lifting 5% today

Motley Fool contributor Aaron Teboneras 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 Qmines Ltd (ASX: QML) share price is trading 14% up on the day and is now changing hands at 40 cents each.

Qmines shares entered a trading halt as of 11:30am today, however were changing hands at 39 cents apiece prior to this.

Trading has since commenced after the company gave its reasoning for the halt, as is discussed below.

It’s been an impressive week for Qmines, both on the company front and with its share price.

It has gained around 60% in the past 6 days of trade, well ahead of the S&P/ASX 200 index (ASX: XJO).

Let’s uncover what’s been driving the Qmines share price of late.

Quick rundown on Qmines

Qmines is on the quest to become Australia’s first zero carbon producer of copper and gold.

The company made its debut on the ASX this year at 27 cents per share. Its share price then went absolutely bonkers afterwards, soaring 77% to 48 cents in a matter of weeks post-IPO.

Its flagship project up at the historic Mount Chalmers copper and gold mine has been in production on-and-off again since 1860, under a number of former operators.

At the time of writing, Qmines has a market capitalisation of almost $39 million.

What’s fuelling the Qmines share price lately?

To set the scene here we have to take a walk back into last month, to where Qmines announced it had intersected new mineralisation at the Mount Chalmers site.

Prior to this, it had exchanged on 2 separate contracts to acquire just over 40 acres of land right next to Mount Chalmers.

It will expand drilling there, after historical soil sampling displayed signs of copper in the ground.

And this leads us back into the present day, where the QMines share price has jumped from a low of 29.5 cents on 22 September right up to today’s market price, a 32% climb.

Stepping back and taking a look at the price of copper, we see it made a substantial leap on 21 September from US$4.0255/lbs to its recent high of US$4.308 per pound a week later.

It has since come back down some and now trades at US$4.207/lbs, still 4% above its August lows.

Qmines is an ASX resource share that produces copper, meaning it is considered a price taker. As such, its share price can and does fluctuate with volatility in the commodity markets.

Earlier today, reports highlighted that the Qmines’ combined projects could have up to $1 billion worth of copper underneath them, at the current pricing.

However, QMines shares went into a trading halt earlier today as mentioned – and the reason was due to the company’s “statement to the in-ground valuation as this is not permitted under the JORC code”.

The company requested that the $1 billion valuation reference be removed from the article, which has been completed, as per the release.

Qmines also notes that “there is no reasonable basis for making these statements under the listing rules or JORC code” that governs these kinds of statements for public companies.

The company is adamant that investors “should not rely on the retracted information as a basis for an investment decision”.

Nonetheless, the commentary suggests that Qmines’ feels it is sitting on a plethora of copper resource.

So putting it all together, if we add Qmines’ recent activity at Mount Chalmers to the recent rally in copper prices, the story begins to unfold as to what’s driving the Qmines share price lately.

Qmines share price snapshot

The Qmines share price has chugged along nicely this year, having gained 30% since first listing in May. It’s jumped a further 18% into the green this past month alone, helped by last week’s 32% climb.

Each of these results have outpaced the broad index’s return of approximately 15% this year to date.

The post QMines (ASX:QML) share price jumps 14%, up 30% in 6 days appeared first on The Motley Fool Australia.

More reading

• Forrestania Resources (ASX:FRS) share price rockets 45% on IPO
• Why Damstra, EML, Orica, & South32 shares are storming higher
• These 3 ASX resources shares are going ex-dividend today
• Why the Sandfire (ASX:SFR) share price is lifting 5% today
• Why is the Li-S Energy (ASX:LIS) share price tumbling 13% today?

The author Zach Bristow has no positions 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 Forrestania Resources Ltd (ASX: FRS) share price is taking off on the company’s ASX debut.

Forrestania is in the business of mineral exploration and development. It’s focused on gold, lithium and nickel in Western Australia.

It owns 3 projects: the Forrestania Lithium, Gold, and Nickel Project; the Southern Cross Gold Project, and the Leonora Gold Project.

Forrestania’s stock debuted on the ASX at 1pm this afternoon.

At the time of writing, the Forrestania share price is 29 cents, 45% higher than its prospectus’ offer price.

However, today’s intraday high saw it trading at 39 cents, representing a 95% increase on its offer price.

Let’s take a closer look at Forrestania Resources and its first day on the ASX.

Forrestania share price soars on ASX debut

The Forrestania share price is performing well on its first day on the ASX.

Under the company’s prospectus, 25 million Forrestania shares were offered for 20 cents apiece. Thus, Forrestania’s Initial Public Offering (IPO) earned it around $5 million.

The company now has 51 million shares on offer. It also has an enterprise value of around $5 million.

Under its prospectus’ offer, Forrestania had an expected market capitalisation of around $10.2 million. At its current share price, the company’s market capitalisation is $14.7 million.

The company will be putting the cash from its IPO towards exploration and development at its projects. It will also put some towards repaying its debt and paying its vendors.

The company bought the Forrestania Project from Firefly Resources Ltd (ASX: FFR).

Following its IPO, Forrestania will conduct an exploration program for known specialised lithium-caesium-tantalum pegmatites at the project.

Previous drilling at the Forrestania Project returned assay results including:

• 33 metres grading 3.2% lithium oxide from 69 metres, including 13 metres at 4% lithium oxide from 81 metres

The purchase cost Forrestania $50,000, as well as 12% of its shares. That places Firefly as Forrestania’s largest shareholder.

Another major shareholder is investment company Citycorp Nominees, which has a 9.2% holding in Forrestania.

The post Forrestania Resources (ASX:FRS) share price rockets 45% on IPO appeared first on The Motley Fool Australia.

More reading

• QMines (ASX:QML) share price jumps 14%, up 30% in 6 days
• Why Damstra, EML, Orica, & South32 shares are storming higher
• These 3 ASX resources shares are going ex-dividend today
• Why the Sandfire (ASX:SFR) share price is lifting 5% today
• Why is the Li-S Energy (ASX:LIS) share price tumbling 13% today?

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back and on course to record a strong gain. At the time of writing, the benchmark index is up 1.6% to 7,310.1 points.

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

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price is up 6.5% to 91.5 cents. This follows news that the workplace management software company has signed an agreement to acquire TIKS Solutions for $18 million in cash and shares. The Australia-based workplace safety and compliance management company generated revenue of $4.14 million in FY 2021 and was free cash positive.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 3% to $3.86. This morning the payments company announced the completion of its acquisition of Sentenial. This follows approval by French and U.K. financial regulators. The deal will see EML take control of Sentenial’s open banking product suite, Nuapay, for an upfront enterprise value of $112.7 million. The deal also includes an earn-out component of up to $64.4 million.

Orica Ltd (ASX: ORI)

The Orica share price has jumped 14% to $13.74. Investors have been buying this commercial explosives company’s shares following the release of a broker note out of Morgans. According to the note, the broker has upgraded the company’s shares to an add rating with a $13.70 price target.

South32 Ltd (ASX: S32)

The South32 share price is up almost 4% to $3.52. This morning the mining giant announced the acquisition of an additional 25% shareholding in Mozal Aluminium in Mozambique from MCA Metals. South32 has exercised its pre-emptive rights to acquire the additional stake for US$250 million. This brings its ownership of the smelter up to 72.1%.

The post Why Damstra, EML, Orica, & South32 shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Here are 3 ASX 200 shares topping the volume charts so far today
• Damstra (ASX:DTC) share price soars 10% on acquisition news
• Which ASX 300 shares are leading the way on Thursday?
• Orica (ASX:ORI) share price jumps 15% on broker upgrade
• ASX 200 (ASX:XJO) midday update: Zip shares rise on Microsoft deal, big four banks rebound

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 and has recommended Damstra Holdings Ltd and EML Payments. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd and EML Payments. 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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