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. Here's why they are rising:
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Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is up 5% to $5.25. This follows the release of the iron ore miner's half year results. Investors have been buying the company's 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 "catastrophic" 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 developer's 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.
