The S&P/ASX 200 Index (ASX: XJO) is on form on Wednesday and pushing higher. At the time of writing, the benchmark index is 0.3% to 8,924.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
Image source: Getty Images
HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is up 16% to $3.80. This may have been driven by a broker note out of Morgans this morning. According to the note, despite its softer than expected FY 2025 results, the broker has upgraded its shares to a buy rating with a $4.20 price target. It highlights that its shares are trading at a discount to book value, which it believes has created a buying opportunity for investors.
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is up 8% to $5.71. This follows the release of the lottery operator's full year results. It posted a 6.2% decline in revenue to $3,748.9 million and an 11.7% drop in net profit after tax to $365.5 million. However, this was a solid result given that last year benefited from record jackpots. Lottery Corp's CEO, Sue van der Merwe, commented: "The Lottery Corporation's portfolio diversification and active management helped to deliver a resilient performance this year, as we continued to build strong foundations for a sustainable future."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 3.5% to $11.00. Investors have been buying this fund manager's shares following the release of its FY 2025 results. Although it posted a 31% decline in statutory net profit after tax to $165.0 million, this didn't stop Magellan from rewarding its shareholders with some big dividends. It declared a fully franked final dividend of 25.9 cents per share and a fully franked special dividend of 21 cents per share. This brought its total dividends for the year to 73.3 cents per share.
Stockland Corporation Ltd (ASX: SGP)
The Stockland share price is up 8% to $6.17. The catalyst for this has been the release of the property company's full year results this morning. Stockland reported a 2.8% increase in post-tax funds from operations (FFO) to $808 million and a 2.7% lift in FFO per share to 33.9 cents. The latter was at the top end of its guidance range of 33 cents to 34 cents. Looking ahead, management revealed that "expects strong FFO growth in FY26" and is targeting FFO per share of between 36 cents and 37 cents.
