The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. In afternoon trade, the benchmark index is up 0.2% to 8,567 points.
Four ASX shares rising more than most today are listed below. Here's why they are racing higher:
Alliance Aviation Services Ltd (ASX: AQZ)
The Alliance Aviation Services share price is up 15% to $2.58. Investors have been buying this aviation services company's shares after it shored up its balance sheet further. According to the release, the company has agreed to sell the majority of its Embraer E190-E1 inventory to AVIAN Inventory Management for a total consideration of US$32.5 million. The company notes: "This transaction, together with the Company's announcement earlier this week regarding the sale of engines to Beautech, are part of a broader initiative to strengthen the Company's balance sheet whilst enhancing operational readiness."
BHP Group Ltd (ASX: BHP)
The BHP Group share price is up almost 3.5% to $37.33. The catalyst for this has been a rebound in iron ore prices. It isn't just BHP that is rising. The likes of Champion Iron Ltd (ASX: CIA), Fortescue Ltd (ASX: FMG), and Rio Tinto Ltd (ASX: RIO) are all pushing notably higher today on the news. This has led to the S&P/ASX 200 Materials index rising 2.5% at the time of writing.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 4% to $4.69. This morning, the uranium miner revealed that its partner and project operator, enCore Energy Corp (NASDAQ: EU), is making significant progress with the ramp up of the Alta Mesa project. Boss Energy holds a 30% interest and is entitled to receive 30% of the uranium produced. The executive chair of enCore Energy, William M. Sheriff, said: "The continued improvements in our rate of uranium extraction and advancement of wellfield development are truly a result of a top performing team focused on extraction and streamlined operations. We have always recognized the depth of experience and strength of our team, and their expertise is being clearly demonstrated during this ongoing ramp up phase."
Orthocell Ltd (ASX: OCC)
The Orthocell share price is up 5% to $1.27. Investors have been buying this regenerative medicine company's shares after it revealed that the first successful surgery using its flagship nerve repair product Remplir has been completed in the United States. The procedure was performed in a surgical procedure to repair a foot nerve injury. Management highlights that this a critical milestone in the commercialisation of Remplir in the US$1.6 billion US market.
