The S&P/ASX 200 Index (ASX: XJO) is having a better day on Tuesday. In afternoon trade, the benchmark index is up 0.9% to 8,537.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Challenger Ltd (ASX: CGF)
The Challenger share price is up 3.5% to $8.41. This morning, the annuities company welcomed APRA's announcement on the final changes to capital standard settings for providers of longevity products. It believes these are "an important step in developing Australia's retirement income market and will support greater take up of lifetime income products as an increasing number of Australians retire every year." Challenger is working through the details of the changes and plans to provide an update at its investor day event in May.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up over 2% to $9.76. This morning, the fund manager announced that it raised $20 million from its share purchase plan (SPP). The company advised that the SPP was significantly oversubscribed. It received valid applications totalling $129.4 million from 5,195 eligible shareholders. Approximately 2,366,548 new Magellan shares will be issued at $8.45 per share. The new shares will hit the ASX boards on 2 April.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 4.5% to $20.39. This appears to have been driven by a broker note out of UBS. This morning, the broker upgraded Northern Star's shares to a buy rating (from sell) with a trimmed price target of $24.70 (from $28.00). UBS made the move on valuation grounds following a significant share price decline since the release of a disappointing operational update. While the broker feels that near-term market estimates are still optimistic, it sees value in Northern Star's shares at current levels.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is up 4% to $3.18. This morning, the gold miner released its FY 2026 guidance. It is targeting up to 490,000 ounces at an all-in sustaining cost (AISC) under US$1,900 per ounce. It also laid out its plans for the next 10 years, which will see it aim to average production of 533,000 ounces per annum. West African's executive chair and CEO, Richard Hyde, commented: "WAF's updated 10-year production outlook forecasts the production of 5.3 million ounces of gold over the next decade, with production peaking in 2030 at 596,000 ounces. Our unhedged Mineral Resources now stand at 13.6 million ounces of gold, while Ore Reserves total 7.0 million ounces."
