Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals are rising today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.5% to 7,872.1 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is up almost 12% to $45.50. Investors have been buying this gaming technology company’s shares following the release of its half year results. Aristocrat reported a 6.1% increase in revenue to $3,269.6 million and a 16.8% jump in net profit after tax to $723.3 million. This was significantly better than the market was expecting, which explains why its shares are rallying so strongly today. Another positive was that the company boosted its dividend and announced an additional $350 million share buyback.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up 2% to $8.25. This follows the release of the grain exporter’s half year results. Although the company posted a 57% decline in underlying EBITDA to $164 million for the half, this was a little ahead of expectations. The market also appears pleased that management has reaffirmed its full year underlying EBITDA guidance of $250 million to $280 million.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is up 3% to $2.91. This has been driven by the release of the fertiliser and commercial explosives company’s half year results. Incitec Pivot delivered underlying EBIT growth of 18% compared to the prior corresponding period after adjusting for re-basing items, which relate primarily to the closure of manufacturing at Gibson Island and the sale of Waggaman. Management advised that this reflects growth in all customer-facing businesses, including record first half EBIT for the Dyno Nobel Asia Pacific business and the Fertilisers Distribution business.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up 9% to 87.2 cents. Investors have been buying the lithium developer’s shares following the release of a new batch of core assay results for drill holes completed this year at the CV5 spodumene pegmatite at its Corvette Lithium Project in Canada. Patriot Battery Metals’ vice president of exploration, Darren L. Smith, commented: “Another round of CV5 core assays from our infill program and it continues to deliver to expectations. Coupled with the new high grade discovery at CV13, the 2024 winter program’s results continue to demonstrate the quality and scale on show at Corvette.”

The post Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals are rising today appeared first on The Motley Fool Australia.

More reading

• Patriot Battery Metals share price rockets 11% on new lithium drilling results
• Guess which ASX 200 stock is surging 11% on an ‘outstanding’ result
• Graincorp share price lifts off as dividend is maintained and debts plunge
• 5 things to watch on the ASX 200 on Thursday
• Guess which ASX lithium stock dived 9% after parting ways with Albemarle

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.