Why Incitec Pivot, Mineral Resources, Patriot Battery Metals, and ResMed shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.3% to 7,539.3 points.

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

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is up 5% to $2.91. This morning, the agricultural and industrial chemicals company announced a $500 million return to shareholders. This comprises a $0.1557 per share equal capital reduction and an unfranked special dividend of $0.1017 per share. This return follows the sale of the Waggaman ammonia manufacturing facility in Louisiana to CF Industries Holdings Inc (NYSE: CF) at the end of last year.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is up 5% to $58.22. This follows the release of the mining and mining services company’s quarterly update. The highlight was the company’s iron ore shipments, which were up 23% quarter on quarter to 4.8Mt. This was achieved with an average quarterly realised price of US$119 per tonne. Management also revealed that its Wodgina, Mt Marion, and Bald Hill lithium operations are still profitable at current prices.

Patriot Battery Metals Inc (ASX: PMT)

The Patriot Battery Metals share price is up 11% to 82 cents. This morning, the lithium developer announced the appointment of Ken Brinsden as its new CEO. Brinsden previously took Pilbara Minerals Ltd (ASX: PLS) from the development phase to one of the world’s biggest lithium producers.

ResMed Inc. (ASX: RMD)

The ResMed share price is up 7.5% to $28.77. Investors have been buying this sleep treatment company’s shares after it released a second quarter update that smashed expectations. Goldman Sachs notes that that ResMed’s “EBIT/EPS beat +6%/+4% as gross margins improved further in 2Q (+90bps) and SG&A intensity declines once more.”

The post Why Incitec Pivot, Mineral Resources, Patriot Battery Metals, and ResMed shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• This ASX 200 share is surging 5% after announcing a $500 million return to shareholders
• ResMed share price jumps almost 7% on stellar quarterly performance
• ResMed shares on watch after smashing Q2 expectations
• 5 things to watch on the ASX 200 on Thursday
• 2 ASX 200 shares to buy in 2024 and hold for the next 10 years

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. 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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