In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has found its feet again and is pushing higher. At the time of writing, the benchmark index is up 0.25% to 7,631.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is up 8% to $6.26. This follows the release of the regional bank's half-year update. The regional bank reported a 12% decline in total income to $795 million and a 33% reduction in cash net profit after tax to $172 million. This led to Bank of Queensland being forced to slash its fully franked interim dividend by 15% to 17 cents per share. Nevertheless, as poor as this result looks on paper, its cash profit was still better than expected and beat the consensus estimate by 5%.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up over 17% to $1.11. This morning, this counterdrone technology company announced that the NATO Support and Procurement Agency (NSPA) has approved the first counter-small UAS (CUAS) procurement framework agreement in NATO history. DroneShield's CEO, Oleg Vornik, said: "The importance of being awarded this first framework agreement, which is a distinctive feature of NSPA, is one of the most strategically noteworthy agreements since the company was founded."
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 11% to $4.29. This has been driven by the release of a strong quarterly update from the gold miner this morning. At a time when the gold price is soaring, Evolution Mining reported a jump in production and lower costs. This ultimately led to the miner achieving an all-in cost margin of A$947 per ounce for the three months. This represents a sizeable 40% increase quarter on quarter. Management also revealed that all guidance for FY 2024 remains unchanged.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is up 4% to $6.34. This appears to have been caused by news that Gina Rinehart has been loading up on the rare earths producer's shares. This morning, the company released a substantial shareholder notice which revealed that Rinehart and Hancock Prospecting have built up a 5.82% stake in the company. Their total holding of 54.4 million shares is worth approximately $345 million at current prices. The purchases began in December and have continued this week. Lynas shares remain down almost 12% year to date.
