Why Gentrack, New Hope, Nuix, and Star Entertainment shares are charging higher

These shares are starting the week strongly. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,862.3 points.

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

Gentrack Group Ltd (ASX: GTK)

The Gentrack share price is up 21% to $8.71. This follows the release of the half year results of the software provider to utilities and airports. Gentrack reported a 21% increase in revenue to $102 million and EBITDA of $12.3 million. The latter is in line with its guidance for full year EBITDA of $23.5 million to $26.5 million. Management said: "Growth is driven by recent and in-year new customers as well as upsells and upgrades for existing customers. In Utilities we have seen growth in all our core markets, (New Zealand, Australia, and the UK), and this financial year we have added Saudi Arabia as a source of growth."

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is up 7% to $5.01. This follows the release of the coal miner's quarterly update. New Hope reported a 28% quarter on quarter increase in ROM coal production to 3,665,000 tonnes and a 21% lift in coal sold to 2,358,000 tonnes. An average realised sales price of A$179.78 per tonne was achieved during the three months, which is in-line with the previous quarter. This led to New Hope reporting an underlying EBITDA of A$218.8 million for the quarter. This is up 21.6% compared to the previous quarter.

Nuix Ltd (ASX: NXL)

The Nuix share price is up 25% to $2.97. Investors have been buying this investigative analytics and intelligence software provider's shares following the release of a trading update. Nuix advised that based on general positive trading in the second half, including a significant multi-year deal win, it is likely to exceed its strategic target of growing statutory revenue by around 10% in constant currency for the full year. In light of this, Nuix advised that it currently expects that statutory EBITDA for FY 2024 to be in the range of $47 million to $52 million. This will be an increase of at least 35% on FY 2023's numbers.

Star Entertainment Group Ltd (ASX: SGR)

The Star Entertainment share price is up almost 17% to 52.5 cents. This morning, the casino and resorts operator denied that it has received a proposal directly from Hard Rock Hotels and Casinos. However, it confirmed that it has received inbound interest from a number of other external parties regarding potential transactions. This includes a consortium of investors which includes the entity Hard Rock Hotels & Resorts (Pacific), which is a local partner of Hard Rock.

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 no position in any of the stocks mentioned. 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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