In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and charging higher. At the time of writing, the benchmark index is up 0.7% to 6,825.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Amcor PLC (ASX: AMC)
The Amcor share price is up 2% to $14.13. This follows the release of the packaging company's quarterly update. Although Amcor reported a 7% decline in sales to US$3,443 million and a 9% fall in EBIT to US$392 million, it seems the market was expecting a greater decline. Management has reaffirmed its guidance for FY 2024.
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 11% to 15.5 cents. Investors have been buying this lithium share today after it announced a memorandum of understanding with battery grade high purity lithium hydroxide conversion company EcoPro Innovation. EcoPro will conduct research and development on the lithium clay resource found at Ioneer's Rhyolite Ridge project. The goal will be to develop a process to commercialise the lithium clay to produce refined lithium materials for the U.S. electric vehicle battery supply chain.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 13% to 76.5 cents. This has been driven by news that the battery materials technology company has secured US$100 million of funding from the US government. The money will support the installation and commissioning of equipment to produce the targeted 20,000 tonnes per annum (tpa) of capacity from its Riverside facility.
ResMed Inc (ASX: RMD)
The ResMed share price is up 4% to $22.69. This follows a strong session for the sleep treatment company's NYSE-listed shares. It seems that many investors believe that its shares have been oversold in recent months and are now piling back in.
