Why Damstra, EML, Orica, & South32 shares are storming higher

These ASX shares are on form today…

| More on:
stock market gaining

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 bouncing back and on course to record a strong gain. At the time of writing, the benchmark index is up 1.6% to 7,310.1 points.

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

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price is up 6.5% to 91.5 cents. This follows news that the workplace management software company has signed an agreement to acquire TIKS Solutions for $18 million in cash and shares. The Australia-based workplace safety and compliance management company generated revenue of $4.14 million in FY 2021 and was free cash positive.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 3% to $3.86. This morning the payments company announced the completion of its acquisition of Sentenial. This follows approval by French and U.K. financial regulators. The deal will see EML take control of Sentenial's open banking product suite, Nuapay, for an upfront enterprise value of $112.7 million. The deal also includes an earn-out component of up to $64.4 million.

Orica Ltd (ASX: ORI)

The Orica share price has jumped 14% to $13.74. Investors have been buying this commercial explosives company's shares following the release of a broker note out of Morgans. According to the note, the broker has upgraded the company's shares to an add rating with a $13.70 price target.

South32 Ltd (ASX: S32)

The South32 share price is up almost 4% to $3.52. This morning the mining giant announced the acquisition of an additional 25% shareholding in Mozal Aluminium in Mozambique from MCA Metals. South32 has exercised its pre-emptive rights to acquire the additional stake for US$250 million. This brings its ownership of the smelter up to 72.1%.

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. owns shares of and has recommended Damstra Holdings Ltd and EML Payments. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd and EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

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

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »