The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Tuesday. At the time of writing, the benchmark index is up 0.6% to 8,035.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Image source: Getty Images
Duratec Ltd (ASX: DUR)
The Duratec share price is up 5.5% to $1.32. This Australian contractor's shares are racing higher today after it announced a couple of major contract wins. Duratec and its 49% owned associate business, DDR Australia, have been awarded two new significant contracts across the Energy and Defence sectors. The first is the KBSB Wharf Refurbishment Project on behalf of Woodside Energy Group Ltd (ASX: WDS). The second is a contract with the Department of Defence in the Northern Territory to deliver a critical portfolio of work across the territory as part of the Project Phoenix portfolio of work. Combined, the value of the contracts is approximately $76 million.
Lotus Resources Ltd (ASX: LOT)
The Lotus Resources share price is up 9% to 23.5 cents. This has been driven by promising drilling results from the Africa-based uranium developer this morning. Lotus Resources revealed that the latest drilling from the Letlhakane Uranium Project in Botswana has intersected some of the thickest continuous zones of mineralisation to date. Importantly, some of this thicker mineralisation is starting as shallow as 8.2 metres. Management advised that drilling is on track to be completed in September, with an updated mineral resource estimate to be completed during November.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 4.5% to $8.74. The catalyst for this is news that Fission Uranium Corp. (TSX: FCU) shareholders have narrowly voted in favour of being taken over by Paladin Energy. The company's CEO, Ian Purdy, commented: "We fully expect that the combination of our companies will create significant value for all shareholders. Fission's Patterson Lake South project is a natural fit for Paladin, delivering medium term development potential to augment production from the recently restarted Langer Heinrich Mine."
ResMed Inc (ASX: RMD)
The ResMed share price is up 2% to $37.34. This appears to have been driven by an announcement by tech giant Apple (NASDAQ: AAPL) overnight. When announcing its new iPhones, the company also announced a new Apple Watch. Apple revealed that its new Apple Watch Series 10 will be able to alert users to sleep apnoea by using an accelerometer to measure breathing disturbances while users are sleeping. It is estimated that there are over a billion sufferers of this disorder, with only 20% diagnosed. This technology could be a significant boost for awareness and lift demand for ResMed's industry-leading products.
