Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) is having a strong session today. At the time of writing, the benchmark index is up 0.9% to 8,071.4 points.

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

Cettire Ltd (ASX: CTT)

The Cettire share price is up 4% to $1.56. This follows the release of additional financial metrics relating to the online luxury products retailer’s performance in FY 2024. Cettire advised that gross revenue is expected to be $975 million to $980 million, up 81% to 82% year on year. This was driven by a 6% to 7% increase in average order value and a 64% jump in active customers to 692,000. Cettire’s shares remain down over 30% since this time last month despite today’s gain.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 9% to 12 cents. Investors have been buying this lithium miner’s shares following the release of its quarterly update. Core Lithium reported that it achieved record quarterly shipments of 33,027 dry metric tonnes (dmt) of spodumene concentrate during the three months ended 30 June. This was sold at an average price of US$1,078 per dmt, which is 16.5% higher than the prior quarter. However, all mining and processing activities are now suspended due to low lithium prices.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 4% to $14.55. Investors have been buying Northern Star and other ASX gold stocks today after the price of gold surged to a record high overnight. Traders were bidding the precious metal higher after the market started to price in a 100% probability of an interest rate cut by the US Federal Reserve in September. The S&P/ASX All Ords Gold index is up 2.7% at the time of writing.

Step One Clothing Ltd (ASX: STP)

The Step One share price is up 17% to $1.71. This online underwear retailer’s shares are racing higher today after it released a trading update for FY 2024. Step One revealed that it has returned to form and expects to report revenue of $84 million for the year. This is up 29% on FY 2023’s revenue and 16.3% on what it recorded in FY 2022. Growing even quicker was the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA). Management expects its EBITDA to increase by 42% year on year to $17 million.

The post Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher appeared first on The Motley Fool Australia.

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