In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from yesterday's selloff. At the time of writing, the benchmark index is up 1.3% to 7,117.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
European Lithium Ltd (ASX: EUR)
The European Lithium share price is up 15% to 8.3 cents. Investors have been buying this lithium explorer's shares after it announced a binding offtake agreement with auto giant BMW. From 2026, European Lithium will supply BMW with a total of 50,000 metric tonnes of battery grade lithium hydroxide from the Wolfsberg Lithium Project in Austria.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 7% to $3.04. Evolution and other gold miners are charging higher today after the gold price rose strongly overnight. This has led to the S&P/ASX All Ordinaries Gold index rising an impressive 4.9% on Wednesday.
MedAdvisor Ltd (ASX: MDR)
The Medadvisor share price is up 11% to 25 cents. This morning, the medtech company released its revenue guidance for the first half of FY 2023. Medadvisor revealed that it expects to report half year revenue between $58 million and $61 million. This will be up 50% to 60% on the prior corresponding period.
REA Group Limited (ASX: REA)
The REA share price is up 3% to $112.39. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its conviction buy rating with a slightly trimmed price target of $158.00. Goldman commented: "Following the recent decline in share prices, REA/DHG are now trading on 19x/13x 12mf EBITDA, which we see as very attractive vs. historical levels (>20% discount)."
