In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a decent gain. At the time of writing, the benchmark index is up 0.7% to 7,535.5 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
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Metalstech Ltd (ASX: MTC)
The Metalstech share price has jumped 12% to 27.5 cents. This follows the release of an update on its lithium spin-out plans. On 4 October, Metalstech shareholders will be able to vote to spin-out the company's lithium assets to Winsome Resources. If approved, Metalstech shareholders will receive 1 Winsome share – worth 20 cents – for every 3.5 Metalstech shares held.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price is up 2.5% to $54.65. This morning the mining and mining services company announced the completion of the acquisition of Red Hill Iron's 40% participating interest in the Red Hill Iron Ore Joint Venture. However, this was largely priced in already. Therefore, today's gain appears to be more likely due to bullish sentiment in the lithium sector.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price has climbed 3% to $10.42. Investors have been buying the enterprise software company's shares after it announced an acquisition. According to the release, TechnologyOne has entered into an agreement to acquire Scientia Resource Management for 12 million pounds (A$22.4 million). Scientia is a United Kingdom-based technology company servicing the higher education sector.
Webjet Limited (ASX: WEB)
The Webjet share price is up 3% to $5.90. Investors have been buying the online travel agent's shares this week following the release of a positive trading update. That update revealed that its key WebBeds business has become profitable again. Management expects this to continue and underpin a return to positive operating cash flow during the first half of FY 2022.
