Insights

Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher

Here’s why these ASX shares are storming higher…
The post Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,590.8 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up over 8% to 39 cents. Investors have been buying the lithium developer’s shares after it raised $91 million through an institutional placement and announced an offtake agreement. The former was undertaken at a 13.9% discount of 31 cents per share. In respect to the latter, Core Lithium revealed that it has executed a binding offtake agreement with leading Chinese lithium supplier, Ganfeng Lithium. Ganfeng has also invested $34 million into the company.

IRESS Ltd (ASX: IRE)

The IRESS share price is up 5% to $15.11. The catalyst for this solid gain was the financial technology company receiving an improved takeover proposal. According to the release, IRESS has received a further confidential, non-binding, and indicative proposal from EQT to acquire all of IRESS’ shares at a revised implied value of $15.91 cash per share before franking credits. This compares to its previous offer of $15.30 to $15.50 per share. Due diligence has been granted and a board recommendation could be forthcoming if the offer becomes binding.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has jumped 9.5% to 63 cents. This morning the lithium explorer revealed that UK Export Finance has provided a strong expression of interest to support approximately 70% of the total finance required for the Kachi Lithium Project. Management believes this is a watershed moment for the company.

Rhinomed Ltd (ASX: RNO)

The Rhinomed share price has surged 55% higher to 31 cents. Investors have been buying the medical device company’s shares after it announced a major order for its Rhinoswabs from NSW Health Pathology. The company will initially supply one million Rhinoswabs as part of NSW Health Pathology’s program to support COVID testing capability.

The post Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

ASX 200 midday update: CBA results and $6bn buyback, IAG falls

Why the Rhinomed (ASX:RNO) share price is rocketing 90% higher today
Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts
Why the Lake Resources (ASX:LKE) share price is jumping 11% today
IRESS (ASX:IRE) share price shoots higher after new takeover proposal

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!