In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.1% to 6,977.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
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Block Inc (ASX: SQ2)
The Block share price is up 25% to $80.96. This follows the release of a better-than-expected third-quarter update. Block reported a 24% increase in revenue to US$5.62 billion and a 21% lift in gross profit to US$1.9 billion for the three months. The latter was driven by a 15% increase in Square gross profit to US$899 million and a 27% increase in Cash App gross profit to US$984 million.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 8.5% to 38.5 cents. This appears to have been driven by the release of the quarterly update from Albemarle Corp (NYSE: ALB). Although the lithium giant's result was a touch soft, the market appears happy to learn that its sales volumes will now be lower than expected. Less lithium in the market could be good news for prices.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 10% to $12.39. Investors have been buying this pharmaceutical company's shares after it released an update on sales of Daybue. According to the release, its partner Acadia Pharmaceuticals (NASDAQ: ACAD) delivered Q3 Daybue net sales in the United States of US$66.9 million and provided guidance for net sales in Q4 2023 of between US$80 million and US$87.5 million. Anticipated royalties to Neuren are A$10.4 million for Q3 and A$12.5 million to A$13.7 million for Q4.
Tietto Minerals Ltd (ASX: TIE)
The Tietto Minerals share price is up 6% to 60 cents. This morning, this gold miner rejected the unsolicited, conditional off-market takeover offer from Zhaojin Mining. The company believes the offer of 58 cents per share materially undervalues the company.
