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In the afternoon trade, the S & P / ASX 200 Index (ASX: XJO) hit back after a weak start and pushes higher. As of this writing, the benchmark is up 0.2% to 7,420 points.
Four ASX stocks that are climbing more than most today are listed below. Here’s why they charge higher:
Australia’s limited energy resources (ASX: ERA)
The Energy Resources of Australia share price climbs 29% to 42.5 cents. Investors bought the shares of the mining exploration company because of its exposure to the hottest commodity around – uranium. Last week, the spot price of uranium hit a seven-year high after rampant buying activity.
The Incitec Pivot price is up 2% to $ 2.78. This follows the release of an update on the specialty chemicals company’s Waggaman ammonia plant in Louisiana. According to the statement, the plant was not materially damaged by Hurricane Ida. And although it is expected to be out of service for four weeks as power is restored to the area, it was a better than expected result. Management estimates that the disruption will affect its pre-tax profits by US $ 28 million.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
Sydney Airport’s share price is up 4.5% to $ 8.36. This follows receipt of a revised indicative, conditional and non-binding proposal from the Sydney Aviation Alliance. According to the statement, the Sydney Aviation Alliance has offered to acquire the operator of the airport for $ 8.75 in cash per share. This represents a 9.4% premium over its last closing price, which was enough to give it due diligence.
Talga’s share price is up 8.5% to $ 1.52. This morning, the battery anodes and advanced materials company announced that it has extended and broadened its memorandum of understanding with global technology leader ABB. The agreement now includes plans for the electrification of the mines.