Why Allkem, Firefinch, JB Hi-Fi, and Piedmont Lithium are charging higher

These ASX shares are ending the week strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. At the time of writing, the benchmark index is currently up 0.35% to 7,412 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 3.5% to $11.03. This morning the team at UBS retained its buy rating and $12.40 price target on this lithium miner’s shares. Although the broker expects Western Australian miners to struggle with COVID-19 related disruption to their workforce, UBS expects high commodity prices to help offset this.

Firefinch Ltd (ASX: FFX)

The Firefinch share price is up 6% to 95 cents. Investors have been buying this gold and lithium explorer’s shares following the release of an update on its gold operations. According to the release, recent drilling activities have led to a substantial resource increase for the Viper and N’Tiola Satellite deposits at the Morila Gold Project in Mali.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 3.5% to $54.83. Investors have been buying this retail giant’s shares after brokers responded positively to its sales update. One of those brokers is Morgans, which has retained its add rating and lifted its price target on the company’s shares to $58.00. Its analysts believe JB Hi-Fi’s shares are undervalued.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has jumped 9% to $1.01. This morning the lithium developer announced the closing of a capital raising which has raised gross proceeds of US$130.8 million. The company intends to use the proceeds to restart operations at North American Lithium in Quebec and support exploration activities at Eyowaa in Ghana.

Motley Fool contributor James Mickleboro owns 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 no position in any of the stocks mentioned. 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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