In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.75% to 7,175.5.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
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Block Inc (ASX: SQ2)
The Block share price is up 3.5% to $102.41. This follows a strong night for the payments company's NYSE listed shares. Bargain hunters appear to have been taking advantage of recent share price weakness caused by a short seller attack.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 11% to $1.29. This morning, this battery materials company announced a joint venture agreement with TAQAT in the Middle East and North Africa (MENA) region. The two parties will develop and produce anode materials for electric vehicle and energy storage system batteries. A facility will be constructed in Saudi Arabia as part of the agreement.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up 4% to 88 cents. This morning, this lithium developer revealed that the US$80 million restart of its North American Lithium (NAL) project has been completed on time and on budget. Commercial spodumene concentrate production is now underway at the Canada-based project, with shipments expected to commence in the third quarter.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 8% to $1.82. Yesterday, this graphite producer released a mineral resource update for the Balama project. This update went down well with analysts at Macquarie. In response, the broker has retained its outperform rating and $2.30 price target on the company's shares. This implies potential upside of 26% for investors over the next 12 months even after today's strong gain.
