In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.65% to 7,225.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price has jumped 35% to 61.5 cents. This morning, EOS revealed that its Defence Systems business has secured a contract with SpetsTechnoExport, a Ukrainian state-owned foreign trade enterprise. The deal will see EOS supply SpetsTechnoExport with up to 100 heavy remote weapon systems (RWS).
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 10.5% to 49.2 cents. This has been driven by the release of an update on the lithium developer's Kachi operation in Argentina. Lake revealed that independent testing of lithium carbonate produced from Kachi with its Lilac DLE technology has confirmed grades and purity greater than 99.8%.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is up 8% to $1.55. This appears to have been driven by speculation that Tyro could be about to receive another takeover approach from Potentia Capital Management. The two parties are currently in discussions in relation to a possible change of control transaction.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3% to $34.37. Investors have been buying Woodside and other energy shares on Monday after OPEC announced a surprise production cut. This has sent oil prices surging higher during Asian trade. It has also driven the S&P/ASX 200 Energy index 2.6% higher this afternoon.
