In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.25% to 7,068 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 4% to $4.17. On Friday, a broker note out of Citi revealed that its analysts have responded positively to the infant formula company's annual general meeting. So much so, that they have upgraded its shares to a buy rating with a $4.81 price target. The broker was pleasantly surprised to see A2 Milk reaffirm its FY 2024 guidance.
ASX Ltd (ASX: ASX)
The ASX share price is up 2% to $58.14. This morning, the stock exchange operator announced a new CHESS replacement system that will provide "a reliable, supportable and scalable platform that meets the needs of the Australian market now and into the future." The ASX estimates the first release will cost between $105 million and $125 million.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 9.5% to 34.5 cents. Investors have been buying this counterdrone technology company after it announced record cash receipts. Following the receipt of a $13 million progress payment, Droneshield's cash receipts have now reached $62.9 million year to date. This is more than four times what was recorded in 2022.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 4% to $2.13. Investors appear to have been snapping up the energy producer's shares following post-capital raising weakness. Karoon Energy is in the process of raising $480 million for the "transformational acquisition" of interests in the US Gulf of Mexico.
