Why AMP, Fortescue, Pilbara Minerals, and Sandfire shares are racing higher

These ASX shares are having strong days…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is rebounding from recent weakness. At the time of writing, the benchmark index is up 1.1% to 7,340.2 points.

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

AMP Ltd (ASX: AMP)

The AMP share price is up 15% to $1.18. Investors have been buying this financial services company’s shares after it announced an agreement to sell its international infrastructure equity business to DigitalBridge. The two parties have agreed an upfront consideration of A$462 million and a total value of up to A$699 million. This follows recent agreements to sell its domestic infrastructure equity and real estate business and its infrastructure debt platform. AMP intends to return the majority of the proceeds to shareholders.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is up 6.5% to $21.43. This morning the mining giant released its third quarter update which revealed iron ore shipments up 10% year on year to 46.5 million tonnes (mt). This means Fortescue’s shipments reached a record of 139.5mt for the first three quarters of the financial year. This led to management upgrading its shipments guidance for FY 2022.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 2% to $2.65. Earlier today the lithium miner released its quarterly update and revealed production of 81,431 dry metric tonnes (dmt) of spodumene concentrate. While this was down 2% quarter on quarter, management has retained its FY 2022 production guidance of 340,000–380,000 dmt. It also reported another increase in lithium prices for the quarter.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price is up 11% to $5.77. Investors have been buying this copper producer’s shares following the release of its quarterly update. That update revealed strong production, sales, and earnings thanks largely to the transformational acquisition of MATSA.

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 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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