Why BHP, Damstra, Galaxy, & Piedmont Lithium shares are racing higher

These ASX shares are racing higher on Thursday…

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The S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. In afternoon trade, the benchmark index is up a sizeable 1% to 7,380.2 points.

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

BHP Group Ltd (ASX: BHP)

The BHP share price is up 3% to $51.50. Today’s gain appears to have been driven by the announcement of the signing of a nickel supply agreement with electric vehicle giant Tesla. The mining giant will supply Tesla with nickel from its Nickel West asset in Western Australia. This is one of the most sustainable and lowest carbon emission nickel producers in the world.

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price has surged 18% higher to 94 cents. This follows the release of the workplace management solutions company’s quarterly update. Damstra revealed that its annual recurring revenue reached $35 million at the end of the quarter. This is 65% higher than the prior corresponding period. Damstra’s EBITDA margin for the quarter was 30%, which is another record figure.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has jumped 11% to $4.44. Investors have been buying the lithium miner’s shares following the release of a strong second quarter update. According to the release, Galaxy achieved record quarterly production of 63,321 dmt of lithium concentrate during the three months. This was in line with customer requirements. Galaxy achieved this with a unit cash operating costs of US$328/dmt, which represents a 17% reduction on the prior quarter.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has stormed 12% to 77 cents. This morning the lithium explorer’s shares returned from a trading halt after responding to an ASX Price Query. This followed a 20% decline in its share price yesterday amid concerns over its operation in Gaston County in the United States. Management appears to have eased investor concerns with its response this morning.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Damstra Holdings Ltd and Piedmont Lithium Inc. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd. 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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