Why Chalice Mining, Core Lithium, Liontown, and United Malt shares are racing higher

These ASX shares are having a very strong session on Tuesday.

| More on:
A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 1.1% to 7,035.9 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 8% to $6.77. Investors have been buying this mineral exploration company's shares after it released a mineral resource update. Chalice revealed that drilling and re-modelling have resulted in a ~50% increase in the contained nickel equivalent metal to approximately 3Mt. Impressively, this still only represents 7% of the Julimar Complex strike length.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 15% to 90 cents. This follows news that one of its ASX lithium peers has received a takeover proposal from an industry giant. Investors appear to see this as evidence that ASX lithium shares have been oversold.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is up 63% to $2.49. As you might have guessed, this is the lithium share that has received a takeover approach. The lithium developer received a non-binding $2.50 per share offer from Albemarle (NYSE: ALB), which has been swiftly rejected by the Liontown board. This is the third approach the company has rejected.

United Malt Group Ltd (ASX: UMG)

The United Malt share price is up 31% to $4.51. This has also been driven by takeover news. However, on this occasion, the maltster is willing to accept the offer from French rival Malteries Soufflet if it becomes binding. It has tabled a $5.00 per share offer, valuing the company at $1.5 billion. This followed three previous offers that were rejected by United Malt.

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 Scott Phillips.

More on Share Gainers

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another disappointing day for ASX investors this Thursday.

Read more »

two men smiling with a laptop in front of them, symbolising a rising share price.
Share Gainers

Why Pinnacle, PWR, Race Oncology, and Vulcan shares are flying today

These shares are having a good session on Thursday. But why?

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Boss Energy, Emeco, Mineral Resources, and Plenti shares are pushing higher today

These shares are having a good time on hump day. But why?

Read more »

Three small children reach up to hold a toy rocket high above their heads in a green field with a blue sky above them.
Share Gainers

3 ASX 300 shares going gangbusters on Wednesday

Investors are bidding up these three ASX 300 shares today. But why?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a huge Tuesday for ASX shares, with the index resetting its record high.

Read more »