The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.3% to 7,539.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is up 5% to $2.91. This morning, the agricultural and industrial chemicals company announced a $500 million return to shareholders. This comprises a $0.1557 per share equal capital reduction and an unfranked special dividend of $0.1017 per share. This return follows the sale of the Waggaman ammonia manufacturing facility in Louisiana to CF Industries Holdings Inc (NYSE: CF) at the end of last year.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 5% to $58.22. This follows the release of the mining and mining services company's quarterly update. The highlight was the company's iron ore shipments, which were up 23% quarter on quarter to 4.8Mt. This was achieved with an average quarterly realised price of US$119 per tonne. Management also revealed that its Wodgina, Mt Marion, and Bald Hill lithium operations are still profitable at current prices.
Patriot Battery Metals Inc (ASX: PMT)
The Patriot Battery Metals share price is up 11% to 82 cents. This morning, the lithium developer announced the appointment of Ken Brinsden as its new CEO. Brinsden previously took Pilbara Minerals Ltd (ASX: PLS) from the development phase to one of the world's biggest lithium producers.
ResMed Inc. (ASX: RMD)
The ResMed share price is up 7.5% to $28.77. Investors have been buying this sleep treatment company's shares after it released a second quarter update that smashed expectations. Goldman Sachs notes that that ResMed's "EBIT/EPS beat +6%/+4% as gross margins improved further in 2Q (+90bps) and SG&A intensity declines once more."
