The S&P/ASX 200 Index (ASX: XJO) is on form again on Monday and pushing higher. At the time of writing, the benchmark index is up 0.4% to 8,132.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
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Alcoa Corporation (ASX: AAI)
The Alcoa Corporation share price is up 5% to $48.56. This follows news that the company has entered into a binding share purchase and subscription agreement with Saudi Arabian Mining Company to sell its full ownership interest of 25.1% in the Ma'aden Joint Venture for approximately US$1.1 billion. The transaction consideration comprises approximately 86 million shares of Saudi Arabian Mining Company and US$150 million in cash. The carrying value of Alcoa's investment was US$545 million as of 30 June. Alcoa CEO, William F. Oplinger, said: "The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa, an important part of improving our long-term competitiveness."
Austal Ltd (ASX: ASB)
The Austal share price is up 7% to $2.40. Investors have been buying the ship builder's shares today after it announced a major contract win in the United States. Austal has been awarded a US$450 million (~A$670 million) contract by General Dynamics Electric Boat. This contract award will fund Austal USA to enhance its existing infrastructure by designing, constructing and outfitting a new module fabrication and outfitting facility at its Mobile shipyard. This will support the U.S. Navy goal of delivering one Columbia-class and two Virginia-class submarines annually.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 3% to $39.44. This has been driven by news that the mining and mining services company has unearthed one of the largest onshore oil discoveries in Western Australia since the discovery of oil on Barrow Island in 1964. This follows the announcement of the maiden resources for the Lockyer Gas Project and the Erregulla Oil Project. These are both located on exploration permits (EP) 368 and 426, approximately 300 kilometres north of Perth. Mineral Resources's managing director, Chris Ellison, said: "Developing these resources provides MinRes with yet another option to grow shareholder value through our portfolio of commodities located in the world's best resources jurisdiction."
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is up 4.5% to 23 cents. This may have been driven by a broker note out of Macquarie this morning. According to the note, the broker has reaffirmed its outperform rating and 32 cents price target on this graphite producer's shares. Macquarie remains positive on Syrah despite cutting its earnings estimates to reflect lower graphite prices.
