In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a weak start and is pushing higher. At the time of writing, the benchmark index is up 0.2% to 7,420 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
Energy Resources of Australia Limited (ASX: ERA)
The Energy Resources of Australia share price is rocketing 29% higher to 42.5 cents. Investors have been buying the mineral exploration company's shares due to its exposure to the hottest commodity of the moment – uranium. Last week the spot uranium price hit a seven-year high after some rampant buying activity.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot price is up 2% to $2.78. This follows the release of an update on the specialist chemicals company's Waggaman ammonia plant in Louisiana. According to the release, the plant was not materially damaged by Hurricane Ida. And while it is expected to be out of action for four weeks as power is restored to the area, this was a better-than-feared outcome. Management estimates that the disruption will hit its earnings by US$28 million before tax.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price is up 4.5% to $8.36. This follows the receipt of a revised indicative, conditional, and non-binding proposal from the Sydney Aviation Alliance. According to the release, the Sydney Aviation Alliance has proposed to acquire the airport operator for $8.75 cash per share. This represents a 9.4% premium to its last close price, which has been enough for it to be granted due diligence.
Talga Group Ltd (ASX: TLG)
The Talga share price is up 8.5% to $1.52. This morning the battery anode and advanced materials company announced that it has extended and expanded its memorandum of understanding with global technology leader ABB. The agreement now includes mine electrification plans.
