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In the afternoon discussions, the S&P/ASX 200 Index (ASX:XJO) is on track to register a decent gain. As of this writing, the benchmark is up 0.7% to 7,171.7 points.
Four ASX stocks that are climbing more than most today are listed below. Here’s why they charge more:
IGO stock price is up 4.5% at $12.33. Investors bought the shares of this battery materials producer after a strong night of trading for base metals. Perhaps the highlight was the price of nickel, which CommSec said rose 3.6% to US$26,489 per tonne overnight. IGO owns and operates Nova’s nickel-copper-cobalt operation in Western Australia.
Lake Resources’ share price is up 6% at $1.03. This morning, the lithium developer revealed that the demonstration plant was assembled and shipped from California to the Kachi project by Lake Resources technical partner Lilac Solutions. Management notes that the disruptive lithium processing technology is reducing operating costs and boosting lithium recovery from brines from the Kachi Project, while protecting scarce water resources.
Talga stock price jumped 9.5% to $1.51. Investors bought shares in the graphite producer following the release of an update on drilling activities at its Vittangi graphite project in northern Sweden. Management notes that its drilling activities have returned world-class grades, which it says paves the way for the beneficiation of Europe’s largest natural graphite resource for Li-ion batteries.
Whitehaven Coal stock price rose 10% to $3.93. The shares of this coal miner have been in high demand among investors after the coal price spike. For example, according to CommSec, the price of thermal coal soared 40% to a record high of US$440 per ton. This situation is stimulated by European economies looking for alternatives to Russian natural gas.