In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is recovering from yesterday's selloff. At the time of writing, the benchmark index is up 0.15% to 8,218.5 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 2% to $1.30. This follows a solid rise in oil prices overnight and a positive reaction to its recent quarterly update from brokers. For example, Bell Potter responded by retaining its buy rating and lifting its price target to $1.50 (from $1.40). It said: "BPT reported Q1 FY25 total production of 5.2MMboe (BP est. 4.5MMboe), group sales of 5.5MMboe (BP est. 4.5MMboe) and revenue of $427m (BP est. $350m). Production and sales benefited from a first full quarter of contribution from Enterprise which underpinned a 24% Quarter-on-Quarter (QoQ) production increase in the Otway Basin."
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is up 6% to $2.56. Investors have been buying this rare earths explorer's shares after it released a drilling update. The company revealed that an outstanding heavy rare earth discovery near Monte Alto was uncovered. Management notes that the new discovery of outcropping rare earth mineralisation had grades of up to 14.6% TREO, and heavy rare earth grades of up to 5,691ppm dysprosium oxide, 737ppm terbium oxide, and 74,543ppm yttrium oxide. It notes highlights that these were located just 2.5 km from the ultra-high grade Monte Alto deposit.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 2% to $11.82. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded the wine giant's shares to a buy rating with a $12.97 price target. This follows the release of wine export data which showed a significant jump in volumes going into Asia. It notes that China has been the main driver of this growth, which is good news for Treasury Wine. In light of this and recent share price weakness, the broker thinks now is a good time to snap up shares.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is up 6.5% to $13.94. This has been driven by the release of drilling results from the 100% owned West Arunta Project in Western Australia. Once again, the company has revealed high-grade mineralisation and some of the best niobium intersections received to date. Managing Director, Paul Savich, commented: "We are very pleased with the initial results of this drilling, with a number of eastern and south-eastern holes providing additional high-grade mineralisation."
