Why Bravura, ResMed, Sayona Mining, and Sovereign Metals shares are racing higher

These ASX shares are having a strong session on Thursday. Here's why.

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The S&P/ASX 200 Index (ASX: XJO) is having a stellar session on Thursday. In afternoon trade, the benchmark index is up 0.9% to 6,897.5 points.

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

Bravura Solutions Ltd (ASX: BVS)

The Bravura Solutions share price is up 18% to 81.5 cents. This follows the release of the wealth management software company's annual general meeting update. At the meeting, management provided a guidance update and revealed that it expects flat revenue in FY 2024 but with EBITDA of $10 million to $15 million. This is up from a small EBITDA loss in FY 2023. This is being underpinned by a major cost out.

Resmed Inc (ASX: RMD)

The ResMed share price is up 4% to $23.59. This follows another strong gain for the sleep treatment company's NYSE-listed shares overnight. It appears that some investors are snapping up the company's shares on the belief that they were oversold recently.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 8% to 7.8 cents. This morning, this lithium miner released promising drilling results from the North American Lithium (NAL) project. Management believes the results from the 57 new drillholes totalling 14,350 metres have significantly increased the potential for a resource upgrade at the hard rock lithium project. In addition, there are still the results for 152 drillholes to come.

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is up 11% to 50 cents. Investors have been buying the graphite developer's shares following an update on its Kasiya lithium-ion battery graphite program. Management advised that a bulk sampling program is underway at Kasiya to extract 100 tonnes of ore to produce over 1,000kg of natural graphite for lithium-ion battery anode testwork and product qualification. This will support a partnership with Rio Tinto Ltd (ASX: RIO).

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Bravura Solutions and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. 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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