In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.3% to 7,480.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
Charter Hall Group (ASX: CHC)
The Charter Hall share price is up 6% to $18.31 following the release of its full year results. For the 12 months ended 30 June, the property company reported a 15.1% decline in EBITDA to $204.4 million. However, the prior corresponding period included a $98 million performance fee. Excluding this, EBITDA would have been up strongly year on year. Looking ahead, management expects post-tax operating earnings per share growth of no less than 23% to 75 cents in FY 2022.
IGO Ltd (ASX: IGO)
The IGO share price is up 5% to $9.28. This morning the battery materials producer revealed that its Kwinana lithium hydroxide refinery has produced its first lithium hydroxide chemical product. IGO owns a 49% interest in Kwinana through a joint venture with Tianqi Lithium Corporation. Looking ahead, IGO expects saleable product will be produced by the back end of 2021.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has surged 13% higher to $13.69. This morning the lithium developer announced the appointment of BNP Paribas as its financial advisor. The two parties will work together on a bankability review in the lead up to the Definitive Feasibility Study (DFS). And upon its completion, they will work together on the structuring and execution of the financing of the Zero Carbon Lithium Project. BNP Paribas has a strong track-record in advisory and financing of battery and renewable projects.
Z Energy Ltd (ASX: ZEL)
The Z Energy share price has jumped 15% to $3.32 after receiving a takeover approach from Ampol Ltd (ASX: ALD). The latter has tabled an offer price of NZ$3.78 cash per share. This represents a 35% premium to its close price on 26 July 2021. This was the day prior to the first media speculation in relation to corporate activity involving Z Energy. Ampol's offer values Z Energy's equity at NZ$2 billion.
