The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 0.6% to 8,835.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
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Cogstate Ltd (ASX: CGS)
The Cogstate share price is up 7% to $2.35. Investors have been buying this neuroscience technology company's shares following the release of preliminary results for the first half of FY 2026. Cogstate reported a 12% increase in total revenue to $26.9 million, which is ahead of its guidance range of $25 million to $26 million. Cogstate's CEO, Brad O'Connor, said: "Cogstate's momentum continues to grow. We continue to see a record level of new sales opportunities from an expanded customer base across more indications, and those opportunities have translated into an increased value of sales contracts executed in the December half year."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 7% to $4.63. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating on the counter-drone technology company's shares with an improved price target of $5.00. Bell Potter said: "We believe the key catalyst for DRO in CY26 is the potential awards stemming from the US Public Safety market, notably from the US$250m funds allocated to states hosting the FIFA World Cup and the America 250 events for C-UAS protection. We would be disappointed if DRO did not receive material awards from these events."
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is up 8.5% to $13.85. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded this retailer's shares to an outperform rating with a $16.20 price target. This implies potential upside of 17% even after today's gain. Macquarie believes the Peter Alexander and Smiggle owner's shares are undervalued after significant weakness.
South32 Ltd (ASX: S32)
The South32 share price is up 4% to $4.36. This follows the release of the mining giant's first half update this morning. South32 reported a 3% increase in alumina production, a 2% lift in aluminium production, and a 58% jump in manganese production. South32's CEO, Graham Kerr, said: "We continued to deliver consistent operating results, with FY26 production guidance maintained across our operated assets and first half operating unit costs tracking in line with guidance."
