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

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
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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.

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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 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.

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