Why Liberty, Lovisa, Novonix, and SG Fleet shares are storming higher today
The S&P/ASX 200 Index (ASX: XJO) is having another solid session on Monday. At the time of writing, the benchmark index is up 0.7% to 8,450.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
Liberty Group (ASX: LFG)
The Liberty Group share price is up 4% to $3.41. Investors have been buying this diversified finance company's shares following the announcement of interim and special dividends. Liberty advised that it will be paying a 12 cent per share unfranked interim dividend for the five-month period 1 July 2024 to 30 November 2024 and a 5 cent per share fully franked special dividend. The release notes that the record date for both dividends is 29 November 2024. After which, they will be paid to eligible shareholders next month on 13 December 2024.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 3.5% to $28.14. This morning, Morgans reiterated its add (buy) rating on this fashion jewellery retailer's shares with a slightly trimmed price target of $36.00 (from $36.50). Elsewhere, analysts at Ord Minnett have upgraded the company's shares to a hold rating with a $29.20 price target. The latter made the move on valuation grounds following a recent pullback.
Novonix Ltd (ASX: NVX)
The Novonix share price is up almost 17% to 86.5 cents. Investors have been buying this battery materials technology company after it announced its second offtake agreement of the month. Novonix has signed a binding offtake agreement for a minimum of 32,000 tonnes of high-performance synthetic graphite material with Volkswagen's PowerCo. This material will be supplied to PowerCo over a five-year term starting in 2027. PowerCo was established by auto giant Volkswagen in 2022 and is committed to ramp-up global battery cell production. Earlier this month, Novonix signed a similar deal with fellow car giant Stellantis.
SG Fleet Group Ltd (ASX: SGF)
The SG Fleet share price is up 22% to $3.25. This has been driven by the receipt of a non-binding takeover offer from Pacific Equity Partners (PEP) and affiliates. The private equity firm has tabled a $3.50 per share indicative offer for the fleet management and salary packaging company. The SG Fleet board has "determined that it is in the interests of all SG Fleet Shareholders to engage with PEP on the Indicative Proposal and has granted PEP a period of exclusivity to facilitate PEP's due diligence and enable it to put forward a binding offer and for the parties to concurrently negotiate a scheme implementation deed."
The post Why Liberty, Lovisa, Novonix, and SG Fleet shares are storming higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Volkswagen Ag. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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