Why AMP, Champion Iron, EOS, & Vulcan shares are storming higher

Here’s why AMP Ltd (ASX:AMP) and Vulcan Energy Resources Ltd (ASX:VUL) shares are two of four storming higher today…

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a subdued day. At the time of writing, the benchmark index is flat at 7,094.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

AMP Ltd (ASX: AMP)

The AMP share price is up 3.5% to $1.10. This is despite the financial services company revealing that ASIC has commenced civil proceedings against it in the Federal Court. This is in relation to alleged breaches concerning the deduction of life insurance premiums and advice service fees from the superannuation accounts of deceased customers.

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price has risen 4% to $6.84 following the release of its full year results. The iron ore miner reported full year revenue of C$1,281.8 million and EBITDA of C$819.5 million. This was up 63% and 136%, respectively, over the prior corresponding period. A strong rise in the iron ore price played a key role in its bumper profit growth.

Electro Optic Systems Hldg Ltd (ASX: EOS)

The Electro Optic Systems share price is up 4% to $4.09. This morning the communications, defence, and space company announced a cooperation agreement with Diehl Defence. This agreement will facilitate greater commercial collaboration between the two companies. They will initially focus on the area of advanced stabilised and remotely operated weapon systems (RWS) for the European and NATO markets.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 3% to $7.36. Investors have been buying the lithium explorer’s shares after it provided an update on its pilot lithium extraction plant. According to the release, Vulcan’s pilot plant team has achieved target specification for direct lithium extraction (DLE) feed into its pilot plant. This ultimately led to the team achieving a target recovery of greater than 90% for lithium chloride from Upper Rhine Valley brine.

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 Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. 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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