Why Bank of Queensland, DroneShield, Evolution Mining, and Lynas shares are storming higher today

These ASX shares are having a very strong session on hump day.

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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