In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the year with a gain. At the time of writing, the benchmark index is up 0.4% to 7,620.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 6% to 26.5 cents. This is despite there being no news out of the lithium miner. However, it is worth noting that its shares were officially the worst performers on the ASX 200 in 2023. Some investors have a strategy that sees them start the year by buying "the dogs" of major indices. This could be happening today.
Grange Resources Limited (ASX: GRR)
The Grange Resources share price is up 6.5% to 49.5 cents. This follows the release of a board update, which reveals that the company's CEO, Honglin Zhao, will delay his retirement. Grange advised that Mr Zhao will continue to serve the company in his current position to ensure the goals of the next phase of important projects are achieved.
Loyal Lithium Ltd (ASX: LLI)
The Loyal Lithium share price is up 13% to 35 cents. This morning, the lithium explorer announced high grade channel assay results from three of the six pegmatite dykes at the Trieste Lithium Project in James Bay, Canada. Management notes that "the channel results from the summer field program demonstrate a strong lithium average grade across each dyke sampled."
West African Resources Ltd (ASX: WAF)
The West African share price is up over 2% to 96.5 cents. This follows news that the gold miner has made its first drawdown under the US$265 million secured loan facility from a fund managed by Sprott Resource Lending and Coris Bank International. The company has received its first US$100 million under the facility, which will be used for the development of the Kiaka Gold Project in Burkina Faso.
