The S&P/ASX 200 Index (ASX: XJO) is rebounding strongly on Wednesday. In afternoon trade, the benchmark index is up 1.5% to 7,166 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is up 13% to $1.68. This morning, this mineral exploration company announced significant regional exploration access approval for its Julimar Exploration Project. According to the release, the Government of Western Australia has approved the Stage 3 Conservation Management Plan and Programme of Work for exploration drilling across the full >30km interpreted strike length.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 14% to 26.2 cents. This is despite there being no news out of the lithium miner. However, it seems that some investors believe that recent weakness has created a buying opportunity. In addition, it's possible that short sellers could be buying shares to close their positions today.
Perpetual Ltd (ASX: PPT)
The Perpetual share price is up 5.5% to $23.63. Investors have been buying the fund manager's shares after it announced a strategic review. Perpetual advised that it will be exploring the benefits of unlocking additional value for shareholders through separation of its Corporate Trust and Wealth Management businesses and creating a more focused Asset Management business.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 11.5% to $1.50. This has been driven by news that the medical device company delivered record sales during November. Polynovo reported unaudited sales of $8 million for the month. This was driven by strong growth in both the United States and its Rest of World businesses. Total group revenue for the month including BARDA was $9.5 million, which is up ~110% year on year.