In morning trade, the S&P/ASX 200 Index (ASX: XJO) was on course to start the week with a strong gain before quickly giving the majority of it back. At the time of writing, the benchmark index is up 0.1% to 6,833.6 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price is up over 4% to 21 cents after announcing a new offtake agreement. According to the release, AVZ has signed a binding three-year offtake agreement for the sale of 600 metric tonnes per annum of tin concentrate to Kalon Resources from its Manono Lithium and Tin Project. This represents ~43% of its expected tin concentrate production.
Betmakers Technology Group Ltd (ASX: BET)
The Betmakers share price has jumped 8% to $1.09. This follows the release of an investor presentation this morning. That presentation gave investors a breakdown of the betting technology company's growth plans. Particularly once the game-changing acquisition of Sportech's Tote and Digital businesses completes. Management advised that the acquisition is on track with no material issues having emerged during the completion period and through integration planning. The acquisition remains on target to complete during the fourth quarter of FY 2021.
Santos Ltd (ASX: STO)
The Santos share price is up 2% to $7.30. Investors have been buying the energy producer's shares this morning after a strong rise in oil prices on Friday night. Traders were bidding oil prices higher amid concerns that the Suez Canal blockage could last for weeks and have a big impact on supply.
South32 Ltd (ASX: S32)
The South32 share price is up 3% to $2.83. The catalyst for this gain appears to be a broker note out of Macquarie this morning. According to the note, the broker has upgraded the mining company's shares to an outperform rating with a $3.10 price target. It made the move in response to increasing demand for manganese and aluminium. It notes that at current spot prices, South32 is positioned to deliver bumper free cash flows.
