Why Block, Lake Resources, Nearmap, and Telix shares are racing higher

These ASX shares are racing higher on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.7% to 7,467.2 points.

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

Block Inc (ASX: SQ2)

The Block share price is up almost 7% to $183.05. Investors have been buying this payments company’s shares following a strong night for its NYSE listed shares on Monday. This follows a positive night of trade in the tech sector, which has rubbed off on the local tech sector today. So much so, the S&P ASX All Technology index is up 2.4%.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has jumped 17% to $1.97. This morning the lithium developer announced a non-binding offtake agreement with Japan’s Hanwa Co. According to the release, Hanwa has signed up for 15,000 to 25,000 tonnes per annum of lithium carbonate for 10 years from its Kachi Project in Argentina. The top end of the range represents half of its planned production.

Nearmap Ltd (ASX: NEA)

The Nearmap share price is up 13% to $1.47. Investors have been buying this aerial imagery and location data company’s shares after it provided an update on its annual contract value (ACV). According to the release, Nearmap has achieved $150 million in ACV following a major US government contract win. This means the company has already hit the low end of its FY 2022 guidance range.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is up 6% to $4.41. This follows the release of two positive announcements out of the radiopharmaceutical company this morning. The first announcement revealed that it has signed an exclusive distribution agreement with Xiel for its Illuccix product in the UK and Ireland. The second announcement advised that its bone marrow conditioning treatment, TLX66, has received Orphan Drug Designation status from the US FDA.

Motley Fool contributor James Mickleboro owns TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. and Nearmap Ltd. The Motley Fool Australia owns and has recommended Block, Inc. and Nearmap Ltd. 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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