The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Tuesday. In afternoon trade, the benchmark index is up 0.95% to 7,806.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
Calix Ltd (ASX: CXL)
The Calix share price is up over 12% to $1.44. This morning, this environmental technology company released an update on the progress of its Direct Air Capture (DAC) projects in partnership with DAC company, Heirloom. Under an exclusive technology licence agreement, Calix's subsidiary Leilac Limited will provide its electric calcination and carbon capture technology to two Heirloom DAC facilities that are capable of removing up to ~320,000 tons of carbon dioxide from the atmosphere per year.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up almost 7% to $9.95. This follows the release of the KFC restaurant operator's FY 2024 results. Collins Foods reported a 10.4% increase in revenue from continuing operations to $1,488.9 million and a 15.6% jump in underlying net profit after tax from continuing operations to $60 million. Not even management's downbeat outlook commentary has held back the company's shares. Collins Foods' interim CEO and managing director, Kevin Perkins, warned: "Significant cost-of-living and inflationary pressures are expected to remain for much of the year ahead, impacting sales growth and we expect margin pressure across the Group."
Myer Holdings Ltd (ASX: MYR)
The Myer share price is up a further 5% to 81.5 cents. Investors have been buying the department store operator's shares this week in response to news that it is aiming to merge with the apparel brands of Premier Investments Limited (ASX: PMV). This comprises the Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti brands. The combination would see the department store acquire Premier's apparel brands business in exchange for the issue of new Myer shares. Premier Investments' chair, Solomon Lew, would be prepared to take an active role as a non-executive director of Myer if the merger proceeds.
Patriot Battery Metals Inc. (ASX: PMT)
The Patriot Battery Metals share price is up 6% to 58.5 cents. This morning, this lithium developer announced the final batch of core assay results from the CV5 Spodumene Pegmatite from its recently completed 2024 winter drill program at Corvette Property in Canada. Management notes that "these final holes from our winter program at CV5 continue to impress and demonstrate the scale of mineralization over a significant strike length."
