The S&P/ASX 200 Index (ASX: XJO) is having a strong start to the week. In afternoon trade, the benchmark index is up 0.8% to 7,786.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
Image source: Getty Images
Cettire Ltd (ASX: CTT)
The Cettire share price is up 10% to $2.62. Investors have been buying this online luxury products retailer's shares after it refuted allegations that it has fake products on its platform. The company commented: "Since commercial launch in 2017, Cettire has handled more than 2 million individual orders. There is not a single confirmed case of a non-genuine item being sold on Cettire's platform." Management also highlights that the negative media press has "sought to amplify the claims of parties who have openly taken short positions in Cettire shares and sought to profit from a short-term decline in the share price."
Lendlease Group (ASX: LLC)
The Lendlease share price is up 10% to $6.47. This follows the release of a major strategy update this morning. The property developer revealed that it is aiming to simplify its global business and bring costs under control. This will see Lendlease exit its struggling international construction projects and focus on its integrated Australian real estate business with international investment management capabilities. These actions are expected to release $4.5 billion of capital from its offshore development projects and assets.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 11% to $22.99. This has been driven by the release of a trial update. The top-line results from Neuren's phase 2 clinical trial of NNZ-2591 in children with Pitt Hopkins syndrome (PTHS) delivered a "statistically significant improvement" across all four efficacy measures. Neuren CEO Jon Pilcher commented: "We are very excited about the results of this first clinical trial in Pitt Hopkins patients. This underserved community has such urgent unmet need and we can now continue towards our goal of developing a first approved treatment."
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 7% to 4.5 cents. This morning, this lithium miner released the results from 94 new drillholes at its Moblan Lithium Project in Canada. Management highlights that the drilling result demonstrate the high grade nature of the highly strategic asset. Sayona's Interim CEO, James Brown, commented: "We are delighted with the thick, high-grade drilling results at Moblan confirming it is one of the premier hard rock lithium deposits in North America. Most excitingly, it is clear there remains considerable potential for further expansion of the deposit which is open in all directions."
