Why IGO, Orocobre, Splitit, & Zip shares are charging higher

Orocobre Limited (ASX:ORE) and Zip Co Ltd (ASX:Z1P) shares are two of four charging notably higher on Tuesday. Here's why…

| More on:
A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and pushing higher. At the time of writing, the benchmark index is up 0.2% to 6,988.8 points.

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

IGO Ltd (ASX: IGO)

The IGO share price has risen 3% to $6.86 after announcing the sale of its 30% stake in the Tropicana Gold Project to Regis Resources Limited (ASX: RRL). According to the release, the two parties have agreed a fee of $903 million for the asset. IGO advised that the divestment to Regis maximises the value of Tropicana for shareholders and allows the company to concentrate on its strategic focus on commodities critical to enabling clean energy.

Orocobre Limited (ASX: ORE)

The Orocobre share price has climbed 3.5% to $5.66 after providing an update on lithium prices. According to the release, the company had a very successful sales campaign and experienced strong market demand for Olaroz lithium carbonate during the March quarter. This led to sales of 3,032 tonnes at US$5,853/tonne. This means its pricing is up more than 50% on the December 2020 quarter and nearly 90% in the last six months.

Splitit Ltd (ASX: SPT)

The Splitit share price has jumped 10% to 86 cents. Investors have been buying this buy now pay later (BNPL) provider's shares after it announced a deal with UnionPay. According to the release, UnionPay International will be integrating Splitit to make it available to its network. This will give UnionPay card holders and those accepting UnionPay the opportunity to utilise Splitit's instalment payments product. However, it is worth noting that Splitit doesn't see much short-term economic benefit for the company from the deal.

Zip Co Ltd (ASX: Z1P)

The Zip share price has surged 12% higher to $9.35. This follows the release of the BNPL provider's third quarter update this morning. That update revealed that Zip's strong form has continued since the end of the first half. For the three months ended 31 March, Zip posted an 80% increase in group quarterly revenue to $114.4 million. This was driven by a 195% increase in transaction numbers to 12.4 million and a 114% jump in quarterly transaction volume to $1.6 billion.

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 ZIPCOLTD FPO. 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.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »