Why Clinuvel, SRG, Strike Energy, and Tietto shares are racing higher today

these ASX shares are having a strong session on Thursday. But why?

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The S&P/ASX 200 Index (ASX: XJO) has returned to form and is pushing higher at last on Thursday. In afternoon trade, the benchmark index is up 0.5% to 6,924.9 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is up 5% to $14.85. This appears to have been driven by a broker note out of Bell Potter this morning. Its analysts have initiated coverage on the biopharmaceutical company's shares with a buy rating and a $24 price target. It said: "Clinuvel has multiple development streams ongoing to drive medium to long-term growth."

SRG Global Ltd (ASX: SRG)

The SRG Global share price is up almost 6% to 64 cents. Investors have been buying this industrial services company's shares after it won a NZ$130 million 10-year contract. The contract renewal is with Transpower New Zealand to provide specialist industrial services. This includes the removal of existing coatings through specialist blasting, application of industrial protective coatings, and minor steel replacement.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 10% to 43 cents. This follows the release of an update on the energy company's South Erregulla gas field. Management revealed that the successful appraisal at SE2 well extends the South Erregulla gas field to the South and West.

Tietto Minerals Ltd (ASX: TIE)

The Tietto Minerals share price is up almost 7% to 31.5 cents. This morning, this gold miner updated the life of mine plan for its Abujar Gold Mine in the Ivory Coast. The mine now has a nine-year mine life from 2024 to 2032 including average yearly production of 170,000 ounces of gold with an all-in sustaining cost of US$982 per ounce.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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