In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has returned to form on Friday. In afternoon trade, the benchmark index is up 0.45% to 7,757.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Comet Ridge Ltd (ASX: COI)
The Comet Ridge share price is up over 5% to 20 cents. This morning, this energy explorer revealed that it has been awarded a $5 million grant from the Queensland Government to undertake a pilot test in Comet Ridge's 100% held Mahalo East block. The company's managing director, Tor McCaul, said: "Comet Ridge is very pleased to be the recipient of a Frontier Gas Exploration Grant, a further endorsement of the significant position that Comet Ridge has established in the Mahalo Gas Hub area within the Bowen Basin."
Kingsgate Consolidated Limited (ASX: KCN)
The Kingsgate Consolidated share price is up 10% to $1.74. This has been driven by the release of an update on the company's Chatree gold mine in Thailand. That update reveals that Plant 1 at the gold mine has now been permitted to operate. This follows a successful inspection by the Department of Primary Industries and Mines. As a result, full commissioning of Plant 1 will commence immediately, followed by a ramp up to full operations.
News Corporation (ASX: NWS)
The News Corporation share price is up almost 4% to $38.72. This morning, analysts at Goldman Sachs responded positively to the media giant's quarterly update. The broker said: "Earnings were largely in-line with our prior expectations (EBITDA +1% vs. GSe), with strength in Digital Real Estate, books and News Media offsetting a softer Dow Jones & Other." In light of this, the broker has reiterated its buy rating with a $44.70 price target. This implies potential upside of over 15% for investors from current levels.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is up 12.5% to 27 cents. Investors have been buying this gold miner's shares following the release of an update on its Simberi operation. St Barbara advised that its concept study supports 10+ years of production at Simberi. It estimates average annual gold production rising from 70,000 ounces to 75,000 ounces by FY 2027 and then to 230,000 ounces through to FY 2034. This will lead to total gold production of 2 million ounces. CEO Andrew Strelein said "We now have a road map we can pursue that can take us to increased, more profitable production at Simberi into the mid-2030s."
