Why Allkem, Argosy Minerals, Firefinch, and Tabcorp shares are charging higher

These ASX shares are on form on Friday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start and is edging higher. At the time of writing, the benchmark index is up 0.1% to 7,506.3 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 8% to $12.35 following the release of a lithium pricing update. That update reveals that strong market conditions continue to positively impact lithium prices. So much so, for the June quarter, Allkem expects the average price received for lithium carbonate to be US$35,000 per tonne FOB. This is up from US$27,236 per tonne during the March quarter. It is also more than triple the US$11,095 per tonne commanded during the first half.

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is up 5% to 49.5 cents. This morning the lithium developer provided a progress update for its Rincon Lithium Project in Argentina. According to the release, Argosy is on track to commence production of 99.5% battery quality lithium carbonate product from mid-2022. This bodes well for Argosy given Allkem’s announcement.

Firefinch Ltd (ASX: FFX)

The Firefinch share price is up 9% to $1.14. This follows the receipt of US$130 million in funding from its joint venture partner Jiangxi Ganfeng Lithium for the Goulamina Lithium Project in Mali. Combined with debt funding provided by Ganfeng, the Goulamina Lithium Project is expected to be substantially funded through the development phase.

Tabcorp Holdings Limited (ASX: TAH)

The Tabcorp share price is up 3% to $5.50. This morning the team at Goldman Sachs retained its buy rating and $6.20 price target on the gambling company’s shares. In response to its demerger update, the broker said: “We continue to see this [demerger] as a key catalyst in unlocking significant shareholder value.”

Motley Fool contributor James Mickleboro owns Allkem 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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