Why AGL, HMC Capital, Megaport, and Patriot Battery Metals shares are racing higher

Let's see why investors are buying these stocks on Tuesday.

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The S&P/ASX 200 Index (ASX: XJO) is having a good session on Tuesday. In afternoon trade, the benchmark index is up 0.8% to 7,745.7 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is up 7% to $9.96. Investors have been buying this energy company's shares after it upgraded its earnings guidance for FY 2024. According to the release, AGL now expects its underlying EBITDA to be between $2,120 million and $2,200 million. This compares to its previous guidance of $2,025 million and $2,175 million. This represents a sizeable 56% to 61.5% increase on FY 2023's underlying EBITDA of $1,361 million. Management advised that the update to its guidance reflects the continued strong operational and financial performance of the business since the half-year results.

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is up 6% to $6.85. This appears to have been driven by the release of a presentation ahead of the diversified alternative asset manager's appearance at the 2024 Macquarie Australia Conference. In addition, the company announced that the Hon. Julia Gillard AC has agreed to Chair HMC's Energy Transition Fund. She said: "I am excited and honoured to be appointed Chair of HMC's Energy Transition Fund. Its design and HMC's investment management capabilities will position the Fund to be a genuine driver of Australia's transition to zero net carbon by 2050."

Megaport Ltd (ASX: MP1)

The Megaport share price is up over 4% to $14.49. Investors have been buying ASX tech stocks today following another strong night for their US peers on Wall Street. In addition, the team at Citi has just reaffirmed its buy rating on the network solutions company's shares with a $16.05 price target. This implies a potential upside of approximately 11% for investors from current levels. The broker remains positive despite a softer-than-expected performance during the third quarter.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up almost 11% to 87.5 cents. This morning, this lithium developer announced the discovery of a new high-grade zone at the CV13 spodumene pegmatite at the Corvette project in Canada. The CV13 spodumene pegmatite is located approximately 3 km west-southwest of the CV5 spodumene pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Megaport. The Motley Fool Australia has recommended Megaport. 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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