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Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher

Nuix Ltd (ASX:NXL) and Vocus Group Ltd (ASX:VOC) are two of four ASX shares that are surging notably higher on Tuesday. Here’s why…
The post Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher appeared first on The Motley Fool Australia. –

hand on touch screen lit up by a share price chart moving higher

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.75% to 6,790.8 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:

AVZ Minerals Ltd (ASX: AVZ)

The AVZ share price is up 6% to 21.2 cents. Investors have been buying the lithium-focused mineral exploration company’s shares following the announcement of a second offtake agreement. According to the release, AVZ and Shenzhen Chengxin Lithium Group have signed a binding offtake agreement for the supply of up to 180,000 tonnes per annum of spodumene concentrate from the Manono Lithium and Tin Project.

Legend Mining Limited (ASX: LEG)

The Legend Mining share price is up 4% to 13 cents. The catalyst for this has been news that diamond drilling has commenced at its Mawson prospect within the Rockford project in Western Australia. Investors appear optimistic the nickel and copper focused mineral exploration company will unearth a lucrative resource.

Nuix Ltd (ASX: NXL)

The Nuix share price has jumped 16% to $5.46. This appears to have been driven by bargain hunters swooping in to buy shares after they fell to a 52-week low on Monday. When the Nuix share price hit that level, it meant it was down a massive 61% from its 52-week high. A disappointing half year result has been weighing on its shares.

Vocus Group Ltd (ASX: VOC)

The Vocus share price has surged over 8% higher to $5.43. Investors have been buying the specialist fibre and network solutions provider’s shares after it entered into a Scheme Implementation Deed with a consortium owned by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super. The consortium has tabled a $5.50 per share offer, which the Vocus board is recommending shareholders accept.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher appeared first on The Motley Fool Australia.

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