In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. At the time of writing, the benchmark index is up 0.5% to 7,616.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is up over 8% to $1.51. This may have been driven by a broker note out of Macquarie. In response to a selloff on Monday, its analysts have upgraded the gold miner's shares to an outperform rating with a $1.60 price target. In addition, Jefferies has lifted its recommendation to a buy rating with a $2.00 price target.
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 11% to 12.2 cents. This follows the release of a quarterly update from the lithium-boron developer. Management spoke very positively about the year ahead. It said: "2024 promises to be a momentous year for Ioneer, including the expected conclusion of the federal permitting process and the commencement of construction at Rhyolite Ridge."
Megaport Ltd (ASX: MP1)
The Megaport share price is up 26% to $12.38. Investors have been buying the elasticity connectivity and network services interconnection provider's shares following the release of its quarterly update. For the three months, Megaport reported total revenue of $48.6 million. This was an increase of 5% quarter on quarter and 31% year on year.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 20% to 72 cents. This has been driven by the release of a strong quarterly update and the announcement of a new dividend policy and on-market share buyback. In respect to the latter, the company will be buying back up to US$100 million worth of shares over the next 12 months.
