In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 7,119.9 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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IDP Education Ltd (ASX: IEL)
The IDP Education share price is up over 8% to $28.47. This follows news that some of the student placement and language testing company's major shareholders have offloaded shares this morning at a small premium to the last close price. Given that ~$84 million worth of shares were able to be sold without a discount appears to indicate that someone on the buy-side saw a lot of value in them.
IGO Ltd (ASX: IGO)
The IGO share price is up 8% to $11.78. This morning the mining company provided an update on its talks with Glencore regarding the potential acquisition of the CSA Copper Mine. According to the release, the two parties have concluded their talks without coming to an agreement. It appears as though the market was not keen on the deal, especially given that a capital raising may have been required.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price has jumped over 13% to 12.7 cents. This follows news that the lithium explorer has upgraded the lithium resource estimates of its North American Lithium (NAL) and Authier projects. The total new lithium resource is double its previous estimates.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price has surged 15% higher to $4.00. Investors have been buying this coal miner's shares following the release of its full year results. Yancoal reported a 56% increase in revenue to a record of $5.40 billion and a profit after tax of $791 million. This strong form allowed Yancoal to reinstate its dividend.
