The S&P/ASX 200 Index (ASX: XJO) is back on form and edging higher on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 8,497.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up almost 5% to $6.22. Investors have been buying gold miners on Tuesday after the gold price charged to a new record high overnight. In addition, on Monday, Bell Potter initiated coverage on Evolution Mining's shares with a buy rating and $6.65 price target. It said: "EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life assets in Tier 1 jurisdictions. We remain constructive on the outlook for both metals and initiate our coverage on EVN with a Buy recommendation and NPV-based Target Price of $6.65/sh."
Macquarie Group Ltd (ASX: MQG)
The Macquarie Group share price is up 2% to $232.55. This has been driven by the release of the investment bank's third quarter update this morning. Macquarie revealed that its net profit after tax for the nine months to 31 December was flat year on year. This was driven by strong performances from Macquarie Asset Management (MAM) and Banking and Financial Services (BFS), which offset weaker performances from Commodities and Global Markets (CGM) and Macquarie Capital.
Ramsay Health Care Ltd (ASX: RHC)
The Ramsay Health Care share price is up over 2% to $35.00. This morning, this private hospital operator announced two non-cash, non-recurring items that are expected to be booked in its half year results. In addition, it revealed plans to improve the performance of its Elysium business. CEO Natalie Davis said: "We acknowledge the challenging performance in the Elysium business since acquisition and are taking immediate steps to increase focus on operational excellence and improve performance. The Elysium team delivers high quality clinical care across its services, and we will rapidly review how we reposition the business in response to structural shifts impacting profitability."
SGH Ltd (ASX: SGH)
The SGH share price is up 9% to a record high of $52.97. This follows the release of the diversified investment company's half year results this morning. SGH, which is better known as Seven Group Holdings, reported a 2% increase in revenue to $5.5 billion and a 10% lift in EBIT to $843 million. Managing director and CEO, Ryan Stokes, said: "We are pleased to deliver a strong half-year earnings result with EBIT growth of 10%. The result was driven by our disciplined focus on customer service, execution and operating leverage, ultimately delivering overall revenue, margin and earnings growth in the period." This allowed the SGH board to increase its fully franked interim dividend by 30% to 30 cents per share. For the full year, management is guiding to "high single-digit EBIT growth in FY25."
