Why Crown, Dicker Data, Neometals, and Pilbara Minerals are surging higher

These ASX shares are on form on Tuesday…

| More on:
a graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off.

Image source: Getty Images

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,451.7 points.

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

Crown Resorts Ltd (ASX: CWN)

The Crown Resorts share price is up 7% to $10.34. Investors have been buying the casino operator’s shares after it was revealed that it would not be stripped of its casino licence in Melbourne. While the final report of the Royal Commission into Crown’s suitability to run Crown Melbourne found the company unfit, it did not recommend removing its casino licence. Instead, the report recommends Crown keep its casino licence under the close watch of a special manager.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price has jumped almost 13% to $14.87. This follows the release of the computer hardware and software distributor’s third quarter update. Dicker Data revealed a 16.1% increase in revenue year to date to $1,720.4 million and a 26% increase in profit before tax year to date to $76.6 million.

Neometals Ltd (ASX: NMT)

The Neometals share price is up 13% to $1.03. Investors have been buying the battery materials company’s shares after it revealed that its joint venture company, Primobius, has completed the commissioning of its lithium-ion battery recycling demonstration plant.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 6% to $2.22. This follows news that the lithium producer has formed an incorporated joint venture with Korean giant POSCO. The joint venture will develop and operate a 43ktpa lithium hydroxide monohydrate (LHM) conversion facility in South Korea. Pilbara Minerals will initially hold an 18% stake in the joint venture. However, it has opportunities to increase this to 30% in the future.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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 Dicker Data Limited. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers