The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and pushing higher. At the time of writing, the benchmark index is up 0.55% to 8,393.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is up 3% to $9.34. This may have been driven by a broker note out of Bell Potter this morning. In a catch up of recommendations made during the holiday period, the broker reminded investors that it has upgraded the investment company's shares to a buy rating with an improved price target of $13.50 (from $9.50). It notes that "it has been [a] remarkable half year period for HMC and we upgrade to Buy (was Hold). We think the share price pull-back provides an attractive entry point as the platform is reaching a scale and breadth sweet spot juncture which could see fee-earning capability increase further yet, and screens inexpensively vs. key global alternative AM and real estate fund manager peers."
Hub24 Ltd (ASX: HUB)
The Hub24 share price is up 13% to $73.72. Investors have been buying this investment platform provider's shares following the release of another strong quarterly update. Hub24 revealed that its platform funds under administration (FUA) increased 8% over the quarter to $98.9 billion. This represents a 36% increase on the prior corresponding period. Management advised that this was driven by record quarterly net inflows of $5.5 billion (up 23% on the prior corresponding period) and positive market movements of $1.8 billion. In light of this strong performance, management advised that its "remain[s] confident in meeting our FY26 Platform FUA target of $115 – $123 billion and are well-positioned for future growth."
Liontown Resources Ltd (ASX: LTR)
The Liontown Resources share price is up over 10% to 69.5 cents. This follows the release of the lithium miner's second quarter update. Liontown recorded a 215% quarter on quarter increase in spodumene concentrate production to 88,683 dry metric tonnes (dmt) for the three months. This supported a 651% increase in spodumene concentrate shipments to 81,341 dmt and a 674% jump in total revenue to $89.8 million. Liontown also revealed that it achieved net cash from operating activities of $16.7 million for the quarter.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal Australia share price is up 4% to $6.20. After the market close on Monday, this coal miner released its fourth quarter and full year update. Yancoal revealed that it achieved its production guidance in FY 2024 and delivered a $480 million increase in its cash balance to $2.46 billion. Acting CEO, Ning Yue, said: "Yancoal has delivered on its 2024 production guidance, producing 36.9 million tonnes of attributable saleable coal from almost 63 million tonnes of ROM coal (100% basis). This met our expected production profile across the year and is the result of a concerted effort from all our operations and logistics personnel. We expect our cash operating costs to fall within guidance when we report our 2024 Financial Results in February."
