The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.6% to 6,999.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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Allkem Ltd (ASX: AKE)
The Allkem share price is up 2% to $15.78. This may have been driven by a broker note out of Macquarie. According to the note, thanks to stronger than expected lithium prices, the broker has upgraded its earnings estimates. This has led to Macquarie retaining its outperform rating and lifting its price target to $21.00.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up over 6% to $19.32. This follows a rise in the gold price overnight and the release of the gold miner's annual general meeting update. At the meeting, management spoke positively about its response to inflationary pressures. Thanks to the implementation of measures such as long-term and fixed-price contracts for maintenance, fuel, and energy, and logistic costs, Newcrest expects to contain cost growth to a range of around 6% to 8% in FY 2023.
Orica Ltd (ASX: ORI)
The Orica share price is up over 7% to $15.13. Investors have been buying this commercial explosives company's shares following the release of its full year results. For the 12 months, Orica reported underlying EBIT of $579 million. This was a 36% increase year over year. Management advised that this was driven by its refreshed strategy and improved market conditions.
SSR Mining Inc (ASX: SSR)
The SSR share price is up 9% to $21.64. This morning this gold miner released its third quarter update and reported production of 106,919 ounces and an AISC of $1,901 per ounce. However, SSR still posted a quarterly loss of US$25.8 million and downgraded its full year guidance. Investors appear to have been expecting an even worse update.
