Why Alkane Resources, Block, Bubs, and Telix shares are storming higher

These ASX shares are on fire on Monday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is charging higher. At the time of writing, the benchmark index is up 1.1% to 7,259.6 points.

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

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 4% to $1.09. This morning the gold miner revealed the initial inferred mineral resource for the Boda Deposit in central west New South Wales. The release reveals that Alkane estimates the deposit’s mineral resource to be 10.1 million ounces of gold equivalent.

Block Inc (ASX: SQ2)

The Block share price is up 9% to $128.07. This mirrors a similarly strong gain by the payments giant’s NYSE listed shares on Friday night. Investors were buying tech shares on Wall Street after data showed that US inflation is slowing. It isn’t just Block rising today. The S&P ASX All Technology index is up 3.4% this afternoon.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price has surged 56% higher to 71.3 cents. This follows news that Bubs has signed a deal with the Biden Administration in the United States for the supply of 1.5 million tins of infant formula. This was in response to infant formula shortages due to the closure of a major manufacturing plant. The A2 Milk Company Ltd (ASX: A2M) share price is also racing higher amid optimism that it could also benefit from shortages.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is up 7% to $4.57. Investors have been buying the biopharmaceutical company’s shares after it released an update on the reimbursement status of its prostate cancer imaging agent, Illuccix. Telix advised that Illuccix will be eligible for a full US Centers for Medicare and Medicaid Services and health insurance reimbursement from July 1. The same day, Medicare Benefits Schedule funding will cover the initial staging of intermediate to high-risk patients with prostate cancer in Australia.

Motley Fool contributor James Mickleboro has positions in TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended A2 Milk and BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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