In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.35% to 7,537.6 points.

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

Appen Ltd (ASX: APX)

The Appen share price is up 4% to $2.66. This may have been driven by optimism over the quarterly update from Meta Platforms. Given that the Facebook owner is one of Appen's largest customers, its return to form could be good news for the artificial intelligence data services company.

Janus Henderson Group PLC (ASX: JHG)

The Janus Henderson share price is up 13% to $41.60. This follows the release of the fund manager's fourth quarter update. Janus Henderson's non-GAAP earnings per share of 61 US cents was 20 US cents ahead of consensus estimates. The company's revenue also came in almost US$45 million higher than expectations at US$515.2 million.

Lithium Energy Ltd (ASX: LEL)

The Lithium Energy share price is up 7% to 89 cents. Investors have been snapping up this battery materials explorer's shares following the release of an update on the Burke Graphite Project. That update reveals that assays have confirmed the project to be one of the world's highest-grade deposits.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is up 11% to $10.40. This may have been driven by a broker note out of Morgans this morning. Although a touch underwhelmed with the investment management company's half year results, it believes the selloff has created a good entry point for investors. As a result, the broker has upgraded Pinnacle's shares to an add rating with a $10.75 price target.

The post Why Appen, Janus Henderson, Lithium Energy, and Pinnacle shares are charging higher appeared first on The Motley Fool Australia.

The Lithium Energy Ltd (ASX: LEL) share price is ending the week on a high on news of "exceptional" drilling results.

Assays from the company's Burke Graphite Project have confirmed its one of the world's highest-grade deposits.

The Lithium Energy share price has leapt 9.04% to trade at 90.5 cents on the back of the announcement.

Let's take a closer look at the latest from the ASX lithium and graphite developer.

ASX lithium stock soars on graphite find

Lithium Energy is having a great Friday on the ASX, as its share price soars on news of its graphite project – previously found to be capable of producing battery-grade product.

Assay results from seven of 29 holes drilled at the outback Queensland project have now been received, showing intercepts of more than 20% total graphitic carbon. The company's release states:

These grades are exceptionally high when compared with most other known graphite deposits globally.

Lithium Energy is also moving to begin assessing a potential purified spherical graphite anode manufacturing facility in Australia. Such a facility could use Burke graphite as feedstock.

Assays from the remaining 22 holes completed at the project are pending. Meanwhile, the company is gearing up to kick off drilling 150 kilometres away.

Around 2,000 metres of reverse circulation drilling and 200 metres of diamond drilling are planned for its Corella Tenement in the coming months.

Beyond graphite, the company has a 90% interest in Argentina's Solaroz Lithium Project.

It announced it had encountered significant intersections of highly conductive brines in the lithium project's northern section earlier this week.

Lithium Energy share price snapshot

The Lithium Energy share price has had a great start to 2023 on the ASX. It has gained around 26% so far this year. Though, that still leaves it 6% lower than it was this time last year.

The company currently boasts a market capitalisation of around $56 million.

The post Why did this ASX lithium share just rocket 9%? appeared first on The Motley Fool Australia.

In morning trade, the lithium explorer's shares are up 18% to $1.32.

At one stage, the Lithium Energy share price was up as much as 27% to $1.42.

Why is the Lithium Energy share price storming higher?

The catalyst for the rise in the Lithium Energy share price today has been the release of very positive drilling results.

In fact, the company believes the first hole of the maiden 10-hole drilling programme has confirmed a "major new lithium discovery" at the Solaroz Lithium Brine Project in the Lithium Triangle in Argentina. This project is in close proximity to one operated by lithium giant Allkem Ltd (ASX: AKE).

According to the release, significant levels of lithium brine concentrations in excess of 400 mg/l were hosted in the porous sandstones encountered between ~55 to ~228 metres depth in the first drillhole at the project.

Management advised that it is highly encouraged by these early assay results. It highlights that the significant lithium concentrations and low Mg/Li ratios are positive in relation to future potential processing options.

Drilling is now advancing in the first hole to test this primary target beneath a thick mudstone unit.

Significant resource potential

Lithium Energy's executive chairman, William Johnson, commented:

To confirm the discovery of high concentrations of lithium in the brines in the upper aquifer of our first drill hole at Solaroz is a watershed moment for Lithium Energy. It further confirms the potential for the Solaroz Project to host a significant resource of lithium brines in what is probably the best location globally to have a lithium discovery.

With assay results showing that lithium concentrations in this first hole increase at depth, the Company is now looking forward to assay results from sampling the target lower aquifer, as drilling continues to its target depth of 400 metres.

The post Lithium Energy share price surges 27% on 'major' discovery appeared first on The Motley Fool Australia.

The Lithium Energy Ltd (ASX: LEL) share price is sliding today amid broader weakness among ASX lithium shares.

Lithium Energy shares are currently trading at $1.24, a 3.5% fall. However, in earlier trade Lithium Energy shares tumbled 8.56% before pulling back. For perspective, the S&P/ASX 200 Materials Index is down 2% today.

Let's take a look at what could be impacting the Lithium Energy share price today.

What's going on?

Lithium Energy is a battery minerals company exploring lithium and graphite. This includes the Solaroz Lithium Project in Argentina, and the Burke Graphite Project in Queensland.

The Lithium Energy share price is down today, but it is not alone among ASX lithium shares. The Core Lithium Ltd (ASX: CXO) share price is down 5.18%, while Allkem Ltd (ASX: AKE) is falling 3.7%. Meanwhile, the Pilbara Minerals Ltd (ASX: PLS) share price is sliding 2.67%.

This follows a tough night on Wall Street in the USA for higher risk shares. Multiple lithium giants had a rough day on the New York Stock Exchange.

For example, Lithium Americas Corp (NYSE: LAC) fell 4% overnight, while Sociedad Quimica y Minera de Chile (NYSE: SQM) tumbled 7.91% and Albemarle Corporation (NYSE: ALB) fell 6.49%.

Sociedad Quimica y Minera de Chile advised it will need to spend $1.5 billion to cut its brine extraction in half by 2030, as my Foolish colleague James reported this morning.

Yesterday, Lithium Energy announced it had completed a $15 million capital raise. This will fund a ramp-up of drilling at the company's Solaroz Lithium Brine Project.

Drilling is underway at the project. Fifteen million shares were issued at $1 per share. Lithium Energy shares fell 4% in early morning trade yesterday, before recovering and finishing the day 7.98% ahead.

Share price snapshot

The Lithium Energy share price has soared 116% in the past year, while it is rising 33% year to date.

For perspective, the ASX 200 Materials Index has slid 3% in the past year.

Lithium Energy has a market capitalisation of nearly $56 million based on the current share price.

The post Why is the Lithium Energy share price sliding today? appeared first on The Motley Fool Australia.