Why Core Lithium, Humm, Magellan, and Smartgroup shares are storming higher

These ASX shares are ending the week on a high…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. The benchmark index is currently down 0.6% to 7,254.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price has jumped 6% to 84.3 cents. This morning the lithium developer revealed that drilling activities have uncovered more broad and high-grade lithium intersections at the Finniss Lithium Project near Darwin. These intersections are outside the current mineral resource.

Humm Group Ltd (ASX: HUM)

The Humm share price is up 3% to 88.4 cents. This follows news that Humm has finally struck a deal with Latitude Group Holdings Ltd (ASX: LFS) for its buy now pay later (BNPL), instalment, and credit card operations. Latitude will be buying the operations for a total consideration of $335 million. This comprises $35 million in cash and $300 million in shares.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has jumped 20% to $21.90. Investors have been buying the fund manager's shares following the release of its half year results. That release revealed that Magellan delivered first half profit growth of 16% to $248.1 million. In addition, the struggling fund manager is planning a 1 for 8 bonus issue of options to shareholders and considering a share buyback.

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price is up 11% to $8.18. This morning the salary packaging company released its full year results and revealed a 7% increase in net profit after tax (adjusted for amortisation) to $69.5 million. But the highlight was its 30 cents per share special dividend, which is in addition to its final dividend of 19 cents per share.

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. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended SMARTGROUP DEF SET. The Motley Fool Australia has recommended Humm Group 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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