In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,396 points.
Four ASX shares that are climbing higher today are listed below. Here's why they are charging higher:
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City Chic Collective Ltd (ASX: CCX)
The City Chic share price is up 6% to $5.74. This follows the release of an announcement revealing a new acquisition and its preliminary results for FY 2021. In respect to the former, City Chic has signed an agreement to acquire online plus-sized women's clothing marketplace Navabi for $9.6 million. As for the latter, City Chic expects to report FY 2021 EBITDA in the range of $42 million to $42.5 million. This will be 58% to 60% year on year growth.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price has jumped 10% to $7.08. This follows the release of the rare earths producer's fourth quarter update. Lynas reported a 79.7% increase in fourth quarter neodymium and praseodymium (NdPr) production to 1,393 tonnes. And thanks to the almost doubling of its average realised price, this led to a significant increase in quarterly sales revenue to $185.9 million. This compares to sales revenue of $38 million a year earlier.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is up 2.5% to $130.29. Investors have been buying the mining giant's shares following the release of a positive note out of Macquarie. This morning the broker retained its outperform rating and $162.00 price target on the company's shares. It notes that current spot commodity prices mean Rio Tinto is trading with a free cash flow yield above 20%.
Stavely Minerals Ltd (ASX: SVY)
The Stavely Minerals share price has jumped 17% to 47 cents. The catalyst for this was the mineral exploration company revealing further significant results from the ongoing resource drilling program at the Cayley Lode discovery. This is part of Stavely's 100% owned Stavely Copper-Gold Project in Victoria.
