The S&P/ASX 200 Index (ASX: XJO) is having a solid day on Thursday and is on course to record another gain. In afternoon trade, the benchmark index is up 0.55% to 6,849.3 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is up 5% to $5.25. This follows the release of the iron ore minerâs half year results. Investors have been buying the companyâs shares despite it reporting a 34% decline in revenue to C$579.9 million and an 82% decline in profit to C$61.1 million. They may have been expecting an even softer result.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 7% to $8.48. Once again, this was despite the company reporting a sizeable decline in revenue. For the first quarter, Lynas posted a 44.4% quarter on quarter decline in sales revenue to $163.8 million. The company blamed some of this softness on a âcatastrophicâ water shortage that reduced its overall production volumes.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up 3% to $17.92. This morning this gold miner released its first quarter update and revealed gold production of 527koz and copper production of 32kt. While this was down on the prior corresponding period, this was due partly to planned maintenance. In addition, the company remains on track to achieve its annual guidance.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 5% to 26.8 cents. Investors have been buying this lithium developerâs shares following the release of an update on its 75% owned North American Lithium (NAL) operation in Quebec, Canada. That update reveals that the company has further advanced the restart of production at NAL. It is expecting production to commence during the first quarter of 2023.
The post Why Champion Iron, Lynas, Newcrest, and Sayona shares are storming higher appeared first on The Motley Fool Australia.
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More reading
- Why are ASX 200 gold shares smashing the benchmark returns today?
- Lynas share price jumps despite 44% revenue fall
- Sayona Mining share price higher on lithium project update
- Newcrest share price up 5% on strong Q1 update
- Is the Lynas share price a buy ahead of tomorrow’s update?
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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