The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. In afternoon trade, the benchmark index is up 1.5% to 8,769.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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BHP Group Ltd (ASX: BHP)
The BHP share price is up over 3% to $40.40. Investors have been buying the mining giant's shares following the release of its fourth quarter and full year update. A solid finish to the year meant that the Big Australian achieved record copper and iron ore production for the 12 months. BHP's CEO, Mike Henry, said: "BHP delivered record iron ore and copper production, which demonstrates the strength and resilience of our business and underpins our ability to deliver growth and returns to shareholders amid global volatility and uncertainty."
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is up 4% to $4.89. This morning, the team at Morgans upgraded this gold miner's shares to a buy rating with a $6.93 price target. This implies potential upside of over 40% from current levels. The broker believes that the company will achieve its production guidance in FY 2025.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 35% to $2.42. This has been driven by the release of the allogeneic cellular medicines company's quarterly update. Mesoblast revealed that it generated strong sales from its Ryoncil product following its launch. Gross revenue from sales of Ryoncil post-launch on March 28 through to June 30 came in at US$13.2 million. Chief Executive Dr. Silviu Itescu said: "We are pleased with the commercial launch activities of Ryoncil in the first quarter post-launch and look forward to updating on the current quarter's progress now that mandatory state CMS coverage has become effective as of July 1, and we complete onboarding of the remaining major U.S. transplant centers."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 8% to $1.70. This is despite there being no news out of the lithium miner today. However, it is worth noting that lithium stocks on Wall Street raced higher overnight. This has put a rocket under most locally listed battery materials shares on Friday. This latest gain means that Pilbara Minerals shares are now up by approximately 32% since this time last month. Though, they remain down by 22% year to date despite this recent rebound.
