In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,192.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price is up over 5% to $1.52. Investors have been buying this lithium explorer's shares after it announced "outstanding results" from second long-term pump test at Hombre Muerto West Project in Argentina.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is up 8% to $5.80. This follows another rise by the coal Nymex price overnight. According to CommSec, the coal Nymex price rose a further 1.1% to US$203.25. This was despite the US dollar gaining in value and putting pressure on most commodities. Whitehaven Coal Ltd (ASX: WHC) shares are also rising strongly today.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is up 5% to $13.01. Investors have been buying this enterprise software provider's shares following the release of a strong full year result. For the 12 months ended 30 September, TechnologyOne reported an 18% increase in revenue to $369.4 million and a 15% increase in profit before tax to $112.3 million. The latter was at the top end of the company's guidance range.
Virgin Money UK (ASX: VUK)
The Virgin Money share price is up 12% to $2.85. This follows the release of the UK based bank's full year results. For the 12 months ended 30 September, Virgin Money UK reported a 43% increase in statutory profit before tax to 595 million pounds (A$1 billion). The bank ended the period with an exit net interest margin (NIM) of 1.86%. It also announced a share buyback worth approximately $90 million.
