In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.4% to 8,127.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Bravura Solutions Ltd (ASX: BVS)
The Bravura Solutions share price is up almost 3% to $1.17. This morning, this wealth management software provider announced plans to return funds to shareholders. Due to its March 2023 capital raising and the scale and pace of its transformation, the Bravura Board has determined that the business is overcapitalised. It intends to return up to $75.3 million of capital to shareholders as it feels that these funds are surplus to the company's long term capital requirements. The capital return remains subject to shareholder approval and a favourable Australian Taxation Office draft class ruling.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is up 2% to $5.49. This follows the release of an update on the gold miner's Karlawinda Gold Project (KGP). That update reveals that KGP's ore reserve estimate (ORE) has increased by 15% to 1,428,000 ounces of gold from 1,247,000 ounces. Based on the increased KGP ORE, Capricorn has initiated a study to consider a 2 million to 2.5 million tonne per annum expansion of the current 4.5 million tonnes per annum KGP operation. The study is targeted for completion in the second quarter of FY 2025.
PEXA Group Ltd (ASX: PXA)
The PEXA share price is up 2.5% to $14.14. This appears to have been driven by the release of a broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded this property technology company's shares to a buy rating with a $16.00 price target. It commented: "Upgrade PXA to Buy (from Neutral), with our revised A$16.00 TP implying +16% upside. Our positive view vs. our Jan-24 initiation is a result of: (1) improved outlook in core business; (2) UK milestones being progressively achieved; and (3) valuation screening favorable."
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is up 2% to $119.62. The catalyst for this may also have been the release of a broker note out of Goldman Sachs. According to the note, its analysts have retained their buy rating on the mining giant's shares with a slightly trimmed price target of $136.60. Goldman is feeling positive about the company's production growth outlook. It said: "RIO has numerous high quality advanced projects that are shovel ready including Resolution copper and Jadar lithium but are awaiting government approvals, brownfields growth such as further expansion of OT, and opportunities to create significant value by turning around underperforming assets such as Bingham Canyon copper and Pacific aluminium."
