In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 8,280.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
Brightstar Resources Ltd (ASX: BTR)
The Brightstar Resources share price is up 15% to 63 cents. This morning, the gold company announced that the second processing campaign under the Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX: GMD) has commenced and is expected to conclude later this month. Brightstar has delivered 55kt @ +2.0g/t Au to Genesis' Laverton Mill. This is from ore sourced from the high-grade Second Fortune underground mine and existing lower-grade stockpiles from Brightstar's Laverton Hub.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up 4% to $8.78. Investors have been buying this insurance giant's shares after it announced a $1.35 billion deal with the Royal Automobile Club of Western Australia (RAC). IAG will be acquiring 100% of RAC Insurance (RACI) for $400 million and will then be paying a further $950 million for the long-term distribution and brand licensing rights. In other news, IAG revealed that it could be destined to upgrade its earnings guidance for FY 2025 if perils remain as they are. This follows a much better than expected period in April.
Lendlease Group (ASX: LLC)
The Lendlease share price is up over 2% to $5.61. This morning, Lendlease revealed that it is in late-stage negotiations in the United Kingdom with The Crown Estate to enter a 50/50 joint venture. This is for six development projects within Lendlease's UK development portfolio. If successful, it expects the joint venture to release longer-dated capital at or slightly above book value, halve its future funding obligations, accelerate master planning with Government clients, and generate future fee income.
Xero Ltd (ASX: XRO)
The Xero share price is up 2.5% to $178.49. Investors have been buying this cloud accounting platform provider's shares after it released its full year results. Xero reported a 23% (20% in constant currency) increase in operating revenue to NZ$2.1 billion. And with the company's free cash flow generation increasing 20% to NZ$506.7 million, which represents a free cash flow margin of 24.1%, Xero remains in the Rule of 40 club. The Rule of 40 is the sum of annual revenue growth percentage in constant currency and free cash flow margin percentage.
