The S&P/ASX 200 Index (ASX: XJO) is ending the week on a positive note. In afternoon trade, the benchmark index is up 0.5% to 7,060 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is up 11.5% to 14.5 cents. This morning, this coal miner revealed that it has executed agreements with its lenders, Taurus Mining Finance and New Hope Corporation Ltd (ASX: NHC). The material amendments include extension of tenor, deferment of principal amortisation for the next 12 months, and a modest increase in interest margins and royalties payable.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 26% to 42.8 cents. This follows the release of the lithium miner's FY 2023 results this morning. Core Lithium reported revenue of $50.6 million, EBITDA of $14 million, and net profit after tax of $10.8 million. Management has also reaffirmed its FY 2024 guidance for spodumene production of 80,000 to 90,000 tonnes, sales of 90,000 to 100,000 tonnes, and C1 costs of $1,165 to $1,250 a tonne.
South32 Ltd (ASX: S32)
The South32 share price is up almost 4% to $3.40. Investors have been buying this mining giant's shares today after it was upgraded by analysts at Citi. According to the note, the broker has upgraded South32's shares to a buy rating with a $3.80 price target. It notes that commodity prices have been stronger than expected in FY 2024.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up almost 15% to 51 cents. This morning, analysts at UBS initiated coverage on the graphite producer with a buy rating and a lofty $1.10 price target. The broker believes the company is well-positioned to benefit from strong demand for natural graphite over the remainder of the decade thanks to electric vehicle growth.
