Why AVZ, EML, Iluka, and Webjet shares are charging higher

These ASX shares are rising on Wednesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.15% to 7,465.8 points.

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

AVZ Minerals Ltd (ASX: AVZ)

The AVZ Minerals share price is up 5% to $1.08. This follows the release of an update on the Manono Lithium and Tin Project in the Democratic Republic of the Congo. AVZ revealed that it has now received a positive technical opinion from the Department of Mines. This was the fourth and final requirement for a mining licence. As a result, the company appears confident that it will soon be awarded a mining licence for its flagship project.

EML Payments Ltd (ASX: EML)

The EML Payments share price has jumped 10% to $2.93. This morning the payments company confirmed that it has been in takeover talks. EML advised that earlier this year it held change of control talks with private equity firm Bain Capital that ultimately amounted to nothing. With 9.5% of its shares held short, this news appears to have spooked short sellers.

Iluka Resources Limited (ASX: ILU)

The Iluka share price is up 2% to $12.66. Investors have been buying this mineral sands and rare earths producer’s shares after it announced demerger plans. Iluka believes that demerging its Sierra Rutile West African mineral sands operation will allow the company to focus on its core activities and growth opportunities in Australia. If all goes to plan, Sierra Rutile will have a separate ASX listing.

Webjet Limited (ASX: WEB)

The Webjet share price is up 2.5% to $5.45. This appears to have been driven by a bullish broker note out of Citi this morning. According to the note, the broker has upgraded the online travel agent’s shares to a buy rating with a $6.50 price target.

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. owns and has recommended EML Payments. The Motley Fool Australia owns and has recommended EML Payments. The Motley Fool Australia has recommended Webjet 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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