In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,486.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up over 4% to $1.57. This follows the release of the energy producer's quarterly update. Although Beach reported an 8% quarter on quarter decline in production to 4.8 MMboe, its revenue still rose 1% to $408 million for the quarter.
Coles Group Ltd (ASX: COL)
The Coles share price is up 2.5% to $17.80. Investors have been buying this supermarket giant's shares following the release of a bullish broker note out of Credit Suisse. According to the note, the broker has upgraded Coles shares to an outperform rating with an improved price target and $19.31 price target. This implies potential upside of 8.5% from current levels.
Cronos Australia Ltd (ASX: CAU)
The Cronos Australia share price is up 7% to 54 cents. This morning, this medical cannabis company announced changes to its clinical operations. This will see clinics in the Gold Coat, Brisbane, and Sunshine Coast close and transition to a 100% telehealth service. These changes are expected to deliver significant overhead cost savings.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is up 3% to $35.78. This also appears to have been driven by a broker note out of Credit Suisse. Its analysts have upgraded Woolworths shares to an outperform rating with a $36.51 price target. The broker expects the supermarkets to benefit greatly from food inflation in 2023.
