Why Damstra, EML, Orica, & South32 shares are storming higher

These ASX shares are on form today…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back and on course to record a strong gain. At the time of writing, the benchmark index is up 1.6% to 7,310.1 points.

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

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price is up 6.5% to 91.5 cents. This follows news that the workplace management software company has signed an agreement to acquire TIKS Solutions for $18 million in cash and shares. The Australia-based workplace safety and compliance management company generated revenue of $4.14 million in FY 2021 and was free cash positive.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 3% to $3.86. This morning the payments company announced the completion of its acquisition of Sentenial. This follows approval by French and U.K. financial regulators. The deal will see EML take control of Sentenial’s open banking product suite, Nuapay, for an upfront enterprise value of $112.7 million. The deal also includes an earn-out component of up to $64.4 million.

Orica Ltd (ASX: ORI)

The Orica share price has jumped 14% to $13.74. Investors have been buying this commercial explosives company’s shares following the release of a broker note out of Morgans. According to the note, the broker has upgraded the company’s shares to an add rating with a $13.70 price target.

South32 Ltd (ASX: S32)

The South32 share price is up almost 4% to $3.52. This morning the mining giant announced the acquisition of an additional 25% shareholding in Mozal Aluminium in Mozambique from MCA Metals. South32 has exercised its pre-emptive rights to acquire the additional stake for US$250 million. This brings its ownership of the smelter up to 72.1%.

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Motley Fool contributor 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 and has recommended Damstra Holdings Ltd and EML Payments. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd and EML Payments. 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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