Why Ora Banda, Paladin Energy, Seven Group, and Telix shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) is back on form and rising strongly on Thursday. In afternoon trade, the benchmark index is up 0.95% to 7,890.5 points.

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

Ora Banda Mining Ltd (ASX: OBM)

The Ora Banda Mining share price is up 14% to 40.5 cents. Investors have been buying this gold miner’s shares after it announced the approval of the development of the Sand King Underground mine. This mine is at the 100% owned Davyhurst Gold Project in the Eastern Goldfields of Western Australia. Today’s approval paves the way for the company to grow its gold production to 150,000 ounces per annum in FY 2026. As a comparison, it has provided production guidance of 100,000 ounces to 110,000 ounces for FY 2025.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is up 7% to $14.13. Investors have been buying Paladin Energy and other ASX uranium stocks in response to news of a new uranium extraction tax increase in Kazakhstan. There are concerns that this tax increase could impact supply growth from the world’s largest uranium producer, Kazatomprom. This appears to have given sentiment a big boost. It could have also led to short sellers buying back shares in a hurry to close their positions.

Seven Group Holdings Ltd (ASX: SVW)

The Seven Group share price is up 2.5% to $35.90. This morning, this investment company announced its dividend for the second half of FY 2024. According to the release, Seven Group’s board has declared a fully franked final dividend of 30 cents per share. This represents a 30% increase on the prior comparative period and brings its total dividends to 53 cents per share in FY 2024. Its final dividend has an ex-dividend date of 19 August 2024 and will be paid to eligible shareholders on 2 September 2024.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up 12.5% to $19.74. This has been driven by some good news out of the United States. Telix revealed that the Centers for Medicare & Medicaid Services (CMS) has proposed changes for the Hospital Outpatient Prospective Payment System (OPPS) rule to improve payments for diagnostic radiopharmaceuticals for Medicare patients in the United States. This facilitates continued patient access after transitional pass through payment status expires. Management commented: “Telix welcomes the proposed rule, which will facilitate more equitable and reliable access to advanced imaging for all patients and support physicians to prescribe the most clinically appropriate solution.”

The post Why Ora Banda, Paladin Energy, Seven Group, and Telix shares are charging higher appeared first on The Motley Fool Australia.

More reading

• Why is this ASX gold share racing 14% higher today?
• CBA and 7 other ASX 200 shares smashing new highs on Thursday
• Why is the Telix Pharmaceuticals share price rocketing 15% to a record high?
• Buy these ASX uranium stocks for big returns in FY25
• Here’s how the ASX 200 market sectors stacked up last week

Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.