The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. In afternoon trade, the benchmark index is up 0.55% to 9,069.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Firefly Metals Ltd (ASX: FFM)
The Firefly Metals share price is up 14% to $1.83. Investors have been buying this mineral exploration company's shares after the release of a drilling update. Firefly Metals highlights that an extremely high-grade core is emerging at the Green Bay Copper-Gold Project in Canada. It notes that the drilling results are continuing to reveal the presence of this rich copper-gold mineralisation over substantial widths along an 800m length. FireFly's managing director, Steve Parsons, said: "These high grades occur over substantial widths, further highlighting the potential impact on the Mineral Resource and the economic studies now underway. We will continue drilling to establish the full extent of this core unit and feed the results into the Mineral Resource Estimate update planned for this quarter."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 2.5% to $3.31. Investors have been buying this lithium miner's shares since the release of its quarterly update last week. However, analysts at Bell Potter think now is the time to take profit. This morning, the broker downgraded Pilbara Minerals' shares to a sell rating with an improved price target of $2.65. This implies potential downside of approximately 20%.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is up 3% to $10.85. The catalyst for this could have been a broker note out of Macquarie Group Ltd (ASX: MQG). According to the note, the broker has upgraded the airline operator's shares to an outperform rating with an improved price target of $12.29. It said: "Outperform (prev Neutral). LF [load factors] may have peaked and RASK is softening, but they are more than offset by softer oil prices, strong cost discipline, and the benefits of a newer fleet. FY26E EPS growth of +11% is attractive."
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 4.5% to $4.15. This may also have been driven by a broker note out of Macquarie today. This morning, the broker initiated coverage on the buy now pay later provider's shares with an outperform rating and $4.85 price target. It said: "Initiate at Outperform. We forecast Zip to continue to deliver rapid growth supported by increased product adoption, expansion of merchant network, increased customer engagement and digital product innovation."
