2 ASX shares you've never heard of rocketing over 30% on Tuesday

We review the performance of Errawarra Resources and Ensurance today.

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S&P/ASX All Ordinaries Index (ASX: XAO) shares finished even today to close at 7,519.7 points.

Among today's stand-out performers are two ASX shares you've probably never heard of — until now. (Glad we could help.)

Let's find out why these nano-cap shares hit it out of the park today.

The ASX share up 43% for no reason

Errawarra Resources Ltd (ASX: ERW) finished the session on Tuesday up 43.5% to 16.5 cents a share.

The nano-cap ASX mineral explorer blasted higher today on no news whatsoever.

The last piece of price-sensitive news relating to this ASX share came on 3 August.

That was an update on exploration activities at its Andover West project in the Pilbara and the Errabiddy project in the Gascoyne region.

Errawarra said it has completed its reconnaissance sampling at the Errabiddy graphite project, with a second program of ground EM surveys now underway.

It also reported that rock chip samples from the Andover West nickel-copper project indicate geochemical affinity to lithium-cesium-tantalum (LCT) pegmatites.

Errawarra Resources has a market capitalisation of $6.95 million.

Insurance stock up 32% on takeover news

Ensurance Ltd (ASX: ENA) is a holding company in the insurance industry. It does insurance brokerage and underwriting, and offers IT solutions. 

The ASX share closed at 27 cents today, up 32.5% after the company announced its takeover by PSC Insurance Group Limited (ASX: PSI).

PSC Insurance will acquire all Ensurance shares by way of scheme of arrangement.

Shareholders will receive approximately 0.056 new PSC shares for each Ensurance share.

The transaction values Ensurance at $25.2 million and each of its ASX shares at 28 cents.

This represents a 40% premium to the closing Ensurance share price of 20 cents yesterday.

Ensurance chair Tony Leibowitz said:

This transaction delivers a healthy premium to the current market price of ENA shares, and the scrip consideration will allow ENA shareholders to retain exposure to the continued growth and development of the business.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PSC Insurance Group. The Motley Fool Australia has recommended PSC Insurance Group. 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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