In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.7% to 8,345.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Image source: Getty Images
AMP Ltd (ASX: AMP)
The AMP share price is up 13% to $1.53. This follows the release of the financial services company's quarterly update this morning. For the third quarter of FY 2024, AMP reported a 76% year on year increase in platforms net cashflows to $750 million. AMP chief executive, Alexis George, said: "During the quarter, AUM increased across Platforms, Superannuation & Investments and New Zealand, and net cashflows also improved across these businesses. Platforms cashflows significantly increased on the prior period, while in Superannuation & Investments, outflows were almost halved, with a continued focus on our renewed member proposition and a new national advertising campaign for AMP Super."
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 2% to $12.95. This morning, this pharmaceutical company revealed that its Daybue product has been approved in Canada. It has been approved for the treatment of Rett syndrome in adult and paediatric patients two years of age and older under the Priority Review process. This makes Daybue the first and only drug approved in Canada for the treatment of Rett syndrome.
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is up 12% to 75 cents. Investors have been buying this gold miner's shares following the release of its quarterly update. Ora Banda revealed that production increased 26% from the prior quarter to 24,327 ounces. This was a record quarter and the fifth consecutive quarter of production growth from the Davyhurst process plant. This allowed Ora Bands to deliver a 40% increase in gold sold to a record of 25,536 ounces.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 11% to $13.07. This has been driven by news that tech giant Amazon (NASDAQ: AMZN) is turning to nuclear power to fuel its data centres. Amazon Web Services CEO, Matthew Garman, commented: "We see the need for gigawatts of power in the coming years, and there's not going to be enough wind and solar projects to be able to meet the needs, and so nuclear is a great opportunity." This bodes well for uranium demand in the coming years.
