In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. At the time of writing, the benchmark index is up 0.55% to 7,154.5 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 6% to 71 cents. This follows the release of an update on the company's flagship Hombre Muerto West lithium brine project in Argentina. According to the release, the company has achieved impressive grades and flow rates at the project following the construction of all wells required to support the phase 1 production.
Helloworld Travel Ltd (ASX: HLO)
The Helloworld Travel share price is up 7.5% to $3.23. Investors have been buying this travel company's shares following the release of its FY 2023 results. Helloworld reported a 139.5% increase in revenue to $165.9 million and a profit after tax of $19.2 million. The latter is up from a loss of $28.8 million in FY 2022.
Infomedia Limited (ASX: IFM)
The Infomedia share price is up over 4% to $1.71. This morning, this automotive industry software company released its FY 2023 results and reported an 11% increase in recurring revenue to $128.1 million and a 16% jump in net profit after tax to $9.6 million.
Melbana Energy Ltd (ASX: MAY)
The Melbana Energy share price is up almost 44% to 8.9 cents. This follows news that the company has finally had some success with its Alameda-2 appraisal well. Melbana reported peak flow to surface of 1,903 barrels of oil per day from Unit 1B. Positively, the oil was significantly lighter and had lower viscosity compared to other units in the Amistad Formation.
