Why Boral, Galan Lithium, Nuix, and Suncorp shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) is on form on Wednesday. In afternoon trade, the benchmark index is up 0.35% to 7,531.1 points.

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

Boral Limited (ASX: BLD)

The Boral share price is up 12% to $3.94. This follows the release of the building materials company’s half year results. Boral reported a 12% increase in revenue to $1,681.1 million and a 53% jump in net profit after tax to $56.8 million. Looking ahead, management expects its second half earnings before interest and tax (EBIT) to be broadly in line with its first half numbers.

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price is up 10% to $1.23. This morning, the lithium developer revealed that it now has 100% ownership of the Candelas Project in Argentina. This project is close to its flagship Hombre Muerto West project. Management estimates that Candelas has an indicated mineral resource of 685kt lithium carbonate (LCE) and can generate 14ktpa of battery grade LCE over 25 years of operations.

Nuix Ltd (ASX: NXL)

The Nuix share price is up a further 4.5% to $1.36. This investigative analytics and intelligence software provider’s shares have been on fire this week after the company won a major court battle. Nuix’s former CEO took Nuix to court seeking damages of $187 million plus interest.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up almost 4% to $12.94. Investors have been buying this banking and insurance giant’s shares following the release of its half year results. Although the company’s headline result fell short of expectations, its underlying performance was better than the market was expecting.

The post Why Boral, Galan Lithium, Nuix, and Suncorp shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Why the Suncorp share price has rebounded and hit 52-week high
• Guess which ASX lithium share is surging 9% on the prospect of ‘robust economic returns’?
• Boral share price soars 12% on ‘strong profit growth’
• Suncorp share price under pressure despite huge half-year profit growth
• 5 things to watch on the ASX 200 on Wednesday

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.

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