The S&P/ASX 200 Index (ASX: XJO) is on form again on Monday. At the time of writing, the benchmark index is up 0.3% to 8,797.7 points.
Four ASX shares rising more than most today are listed below. Here's why they are climbing:
Newmont Corporation (ASX: NEM)
The Newmont share price is up 5% to $124.90. This follows a strong gain by the gold miner's NYSE shares on Friday night. In addition, this morning, the team at UBS retained its buy rating on the company's shares with an improved price target of $140.00. This implies potential upside of 12% for investors over the next 12 months. UBS has named Newmont as its preferred large cap ASX gold stock and sees it as a great way to gain exposure to the booming gold price.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 7% to $22.18. Investors have been buying Northern Star and other ASX gold stocks today following a rise in the gold price on Friday and a strong session for peers on Wall Street. The buying has been so strong on the local market that the S&P/ASX All Ordinaries Gold index is up a sizeable 6.1% at the time of writing.
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is up 14% to $1.02. The catalyst for this has been the surprise news that the clinical-stage biotechnology company has reappointed Dr. Rohan Hockings as its managing director just days after he resigned. According to the release, Dr. Hockings has committed to guide the company through its critical upcoming human efficacy window, which is expected by the end of 2027. PYC Therapeutics has also revealed that Dr. Michael Rosenblatt and Jason Haddock have resigned from their roles as non-executive directors with immediate effect. The company stated: "PYC will continue to build out both its Board and Executive management team over coming months as it progresses its pipeline of drug candidates into late-stage clinical development. The Company is preparing for a period of substantial growth and these changes will support the progression of multiple concurrent clinical development programs."
Reece Ltd (ASX: REH)
The Reece share price is up 12% to $11.62. This has been driven by news that the plumbing parts company is undertaking an off-market share buyback. Reece plans to purchase $250 million of shares, but could increase this to $400 million. CEO Peter Wilson said: "Despite the challenging near-term outlook, we remain optimistic for the long-term. We have a history of investing through the cycle to build a stronger business and will maintain financial flexibility to fund future growth opportunities. Depending on the outcome of this buy-back, we may explore further capital management options including a potential on-market buy-back."
