The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. In afternoon trade, the benchmark index is up 1% to 7,775.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Australian Strategic Materials Ltd (ASX: ASM)
The Australian Strategic Materials share price is up 23% to $1.46. Investors have been buying the rare earths and critical metals company's shares after it received a non-binding and conditional letter of interest (LOI) from the Export-Import Bank of the United States (US EXIM). This is the official export credit agency of the United States federal government. The LOI is for the provision of a debt funding package of up to US$600 million (A$923 million) for the construction and execution phase of the Dubbo rare earths and critical minerals project.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 6% to $3.51. Investors have been buying Evolution and other gold miners today after the price of the precious metal stormed higher overnight on rate cut optimism. In addition, this morning, Morgan Stanley upgraded the miner's shares to an overweight rating with a $3.95 price target. The broker believes that Evolution Mining has the greatest leverage to spot gold prices due to its very low hedging.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is up 3% to $1.25. This has been driven by the release of the pharmacy chain operator and distributor's FY 2024 results. Sigma reported a 9.2% decline in net revenue to $3.3 billion but a 149% jump in net profit after tax to $4.5 million. The latter also includes merger transaction costs. Excluding these costs, its net profit after tax would have been $12.7 million. Sigma also spoke positively about its proposed merger with Chemist Warehouse and revealed that the ACCC commenced a public consultation process into the deal on 8 March.
Webjet Ltd (ASX: WEB)
The Webjet share price is up 8% to $8.58. This follows the release of the travel agent's WebBeds strategy day investor presentation. Management advised that the WebBeds business is on track to achieve total transaction value (TTV) of $4 billion in FY 2024 and then $5 billion in FY 2025. After which, it is targeting TTV of $10 billion in FY 2030 with a 50% EBITDA margin.
