In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. At the time of writing, the benchmark index is up 0.2% to 6,815.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are shooting higher:
IDP Education Ltd (ASX: IEL)
The IDP Education share price is up 2.5% to $20.92. Investors have been buying the student placement and language testing company’s shares following the release of a broker note out of UBS. According to the note, its analysts have retained their buy rating and lifted the price target on the company’s shares to $23.00. UBS believes that trading conditions are continuing to improve and expects IDP Education to deliver strong earnings growth over the medium term.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up over 14% to 24 cents. This morning the clean lithium developer announced a $20.6 million placement to global institutional investors. This means Lake’s flagship Kachi Lithium Brine Project is now fully funded through to the construction phase in 2022. This allows the company to speed up the development of sustainable, high purity lithium. Lake Resources raised the funds at 16.5 cents per new share.
Mach7 Technologies Ltd (ASX: M7T)
The Mach7 share price has jumped 9% to $1.45. Investors have been buying the enterprise imaging platform provider’s shares after it announced a contract expansion. According to the release, Adventist Health has now signed a license for the Mach7 PACS solution and associated services. This is on top of its existing deal to provide its eUnity Diagnostic Viewer and Mach7 Universal Worklist to Adventist Health Tulare. The new contract is valued at over $7.9 million, including migration services and five years of support and maintenance.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has risen 2% to $2.59. This follows the release of its weekly transactions update. According to the release, despite the well-documented outages some of its customers have been facing, Tyro reported that its transaction value is up 6% month to date to $1.408 billion.
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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 recommends MACH7 FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd and Tyro Payments. The Motley Fool Australia has recommended MACH7 FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.