Why EOS, Novonix, St Barbara, and Whitehaven Coal shares are storming higher

These ASX shares are having strong sessions. But why?

| More on:
a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday and on course to record another decent gain. In afternoon trade, the benchmark index is up 0.55% to 7,866.3 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Electro Optic Systems Holdings Ltd (ASX: EOS)

The Electro Optic Systems share price is up over 3% to $1.69. This morning, this defence and space company announced that it has completed a debt repayment of $20.5 million on schedule. This follows the repayment of $26.9 million in September 2023 under a separate 12 month working capital facility. As a result, this means that Electro Optic Systems has now repaid 50% of the principal amounts originally due to Washington H. Soul Pattinson (ASX: SOL) and 100% of the working capital facility amounts. The only outstanding amount now relates to a term loan facility.

Novonix Ltd (ASX: NVX)

The Novonix share price is up 8% to $1.08. A number of battery materials shares are having a strong session today following a solid night on Wall Street for lithium miners. In addition, this morning Novonix revealed that members of its executive team are scheduled to participate in a number of investor events in April. Investors may believe that these events could increase interest in the battery materials and technology company and be supportive of its share price.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is up 14% to 26.2 cents. As well as getting a boost from another rise from the gold price, the release of drilling results from its Simberi Operations in Papua New Guinea has got investors excited. Commenting on the drilling, the gold miner's managing director and CEO, Andrew Strelein, said: "We are getting positive results by applying more than 10 years of improvement in geological knowledge and targeting insufficiently drilled areas from drill pad locations now available because of more than 10 years of oxide mining."

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 4% to $7.67. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded this coal miner's shares to a buy rating with an improved price target of $8.70. It believes the company is well-positioned for the future thanks to a positive outlook for metallurgical coal. Particularly given the recent acquisition of Blackwater and Daunia. UBS's price target implies potential upside of 13% from current levels.

Motley Fool contributor James Mickleboro 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 Electro Optic Systems and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a spectacular end to the trading week for the ASX today.

Read more »

Three people jumping cheerfully in clear sunny weather.
Share Gainers

These 3 ASX 200 stocks are shooting the lights out this week. Own any?

These ASX 200 shares have soared 11% to almost 23% this week. But why?

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Share Gainers

Why GQG, Imugene, Mirvac, and Temple & Webster shares are pushing higher

These shares are ending the week on a positive note. But why?

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a momentous day for ASX shares, with the index hitting another record...

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 135% in a year, why this ASX 200 healthcare stock is 'on track to become a truly great Australian success'

A leading fund manager expects more strong performance from this surging ASX 200 healthcare stock.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why ASX, Domain, Ora Banda, and Temple & Webster's shares are storming higher today

These shares are catching the eye with strong gains on Thursday. Let's see what is happening.

Read more »

Man pointing at a blue rising share price graph.
Earnings Results

2 ASX 300 shares rocketing 6% today

Investors love what these two stocks just reported.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a wonderful Wednesday session for investors today...

Read more »