Why AMP, Collins Foods, Credit Corp, and Orocobre shares are charging higher

These ASX shares have been strong performers on Tuesday…

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The S&P/ASX 200 Index (ASX: XJO) has returned to form and is charging higher on Tuesday. In afternoon trade, the benchmark index is up 1.1% to 7,321.3 points.

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

AMP Ltd (ASX: AMP)

The AMP share price is up over 7% to $1.08. This follows the release of a demerger and strategy update this morning. That update revealed how AMP intends to operate its PrivateMarketsCo business once demerged. Management intends to focus on leveraging its significant opportunity to become a global leader in the fast-growing private markets industry.

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price has jumped 8.5% to $13.58. Investors have been buying this quick service restaurant operator’s shares following the release of a strong half year result. Collins Foods reported a 9.5% increase in revenue to a record of $534.2 million and a 31.6% jump in underlying net profit after tax to $28.9 million. A strong performance from the KFC Europe business helped drive its growth.

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is up 10% to $33.30. This follows the announcement of the acquisition of Radio Rentals for $60 million. Credit Corp notes that it provides the cheapest and most sustainable finance to the Australian credit impaired consumer market and its entry into this new segment will be consistent with that approach. Management also upgraded its guidance to account for the acquisition.

Orocobre Limited (ASX: ORE)

The Orocobre share price is up over 8% to $10.27. Investors have been buying this lithium miner’s shares following the release of its annual general meeting update. That update revealed that Orocobre has continued to experience strong lithium prices during the current quarter. In fact, it expects quarterly prices at Mt Cattlin to be almost double what it received during the September quarter.

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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited and Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods Limited. 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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