In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and pushing higher. At the time of writing, the benchmark index is up 0.9% to 7,989.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
Challenger Ltd (ASX: CGF)
The Challenger share price is up over 2% to $6.97. Investors have been buying this annuities company's shares in response to the release of a broker note out of Citi. According to the note, the broker has upgraded its shares to a neutral rating (from sell) with an improved price target of $6.95. The broker is feeling more upbeat on the company's outlook and suspects that it could return to target with its return on equity quicker than it was expecting.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is up almost 4% to $1.25. This follows the release of the uranium developer's quarterly update this morning. Management spoke positively about its progress during the quarter and believes it is well-positioned for the future. It commented: "Significant progress has been made on the development of the Tumas Project (Tumas or the Project), which remains the primary focus of the Company. Ausenco Services Pty Ltd was selected as the preferred EPCM contractor for the Project and appointed to undertake the Engineering, Procurement and Construction Management (EPCM) services in two phases. The first phase involves completing sufficient detailed engineering to allow the Board to make a Final Investment Decision."
Encounter Resources Ltd (ASX: ENR)
The Encounter Resources share price is up 4% to 63.5 cents. Investors have been buying this copper explorer's shares following the release of an update on the Sandover Copper project in the Northern Territory. The company advised that diamond drilling activities are now underway at the project. It is seeking to understand better what lies beneath the ground after the first diamond drill hole at Sandover, which was completed in late 2023, intersected unexpected high-grade copper mineralisation at the contact between the basin sediments and the basement rocks.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is up over 3% to 63 cents. This has been driven by the release of the gold miner's quarterly update this morning. During the second quarter, Resolute Mining poured 90,787 ounces of gold. This was up 18.9% on the first quarter and was in line with management's expectations. Gold sales were 88,321 ounces at an average realised price of $2,342 per ounce. This is up from 69,000 ounces at $1,950 per ounce during the first quarter.
