MEI, NAB and PXA: Three ASX stocks delivers strong performance on Thursday

2 min read | May 02, 2024 12:53 PM AEST | By Team Kalkine Media

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MEI, NAB and PXA: Three ASX stocks delivers strong performance on Thursday — Image source: Pexels

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The S&P/ASX 200 Index surged by 0.23% to reach 7,587 points on 2 May 2024.

Several ASX-listed shares are outperforming the market today, with notable gains seen in the following three stocks:

Meteoric Resources NL (ASX: MEI)

The Meteoric Resources share price has climbed by 4.65% to 22 cents. This morning, the company revealed that it has inked a non-binding memorandum of understanding (MOU) with Neo Performance Materials Inc. (TSX:NEO). The MOU entails an offtake agreement for 3,000 metric tonnes (MT) of total rare earth oxide (TREO) annually from its Caldeira Project in Brazil. These resources will be utilized to supply Neo's magnet manufacturing facility. Additionally, Neo has been granted a right of first refusal to procure additional material once the Caldeira Project exceeds an annual production of 6,000 MT of TREO.

National Australia Bank Ltd (ASX: NAB)

The National Australia Bank share price has surged by 1.45% to AU$34.28. This uptick follows the release of the banking giant's half-year results earlier today. Despite posting a significant year-on-year decline in cash earnings to AU$3.5 billion, NAB's performance was in line with market expectations. Notably, its interim dividend saw a slight increase to a fully franked 84 cents per share, surpassing estimates. Moreover, news of an additional AU$1.5 billion on-market share buy-back has been positively received by investors.

PEXA Group Ltd (ASX: PXA)

The PEXA Group share price has soared by approx. 11% to AU$13.58. The property settlements technology company announced this morning that it is advancing a strategic partnership with UK bank NatWest. Under this collaboration, NatWest will leverage PEXA's cutting-edge digital property exchange technology to facilitate 48-hour remortgage transactions for its customers. Furthermore, the bank plans to expand its utilization of the PEXA platform to streamline the processing of sale and purchase transactions.

These developments have fueled optimism among investors, driving these ASX-listed shares to outperform the broader market indices. As trading continues, market participants will closely monitor these stocks for further developments and potential price movements.

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