In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.9% to 8,935.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
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Amcor PLC (ASX: AMC)
The Amcor share price is up 5% to $66.19. Investors have been buying the packaging giant's shares following the release of its quarterly update. Amcor reported second quarter net sales of US$5,449 million and adjusted EBITDA of US$826 million. This was an increase of 68% and 83%, respectively, over the prior corresponding period. Amcor's CEO, Peter Konieczny, said: "Our Q2 financial performance was in line with expectations in a challenging volume environment. Strong Adjusted EPS growth was driven by disciplined execution and synergy benefits from the Berry acquisition at the upper end of expectations."
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is up 3% to $4.04. This has been driven by the release of exceptional results from a sensor-based ore sorting test work program. The company's managing director and CEO, Bernardo da Veiga, said: "These exceptional ore sorting results from run-of-mine Monte Alto feedstock have exceeded all our expectations. They demonstrate that sensor-based concentration can significantly enhance project economics with +95% yields at lower capital and operating costs, whilst simultaneously reducing environmental footprint through lower energy, minimal water and no reagents."
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 6% to $28.54. Investors have been buying this gold miner's shares following a strong rebound in the gold price overnight. The precious metal recovered above the symbolic US$5,000 an ounce level. Northern Star isn't the only gold miner rising on the news. The S&P/ASX All Ordinaries Gold index is up 3.5% at the time of writing.
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price is up 3% to $17.75. Although the investment company reported an 11% decline in net profit after tax to $67.3 million during the first half, this was due to weaker performance fees. Excluding them, net profit after tax would have been 37% higher than the prior corresponding period. Pinnacle's managing director, Ian Macoun, said: "We have made deliberate efforts over several years to diversify and expand our platform, both organically and through careful inorganic growth, believing that doing so provides us with greater robustness, wider relevance to our clients and more avenues to continue growing our earnings. We recall the very large performance fee contribution from Hyperion in the first half of FY25, which was an exceptional outcome."
