In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 8,983.3 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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Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 7% to $14.16. Investors have been buying the gold miner's shares following the release of its quarterly update. The company reported March quarterly gold production of 170,000 ounces and copper production of 11,000 tonnes. This was achieved with an all-in sustaining cost (AISC) of $2,220 per ounce, which underpinned record quarterly net mine cash flows. At Mungari it generated $175 million and at Red Lake it generated $104 million in net mine cash flow. Evolution Mining's CEO, Lawrie Conway, said: "Evolution continues to generate significant cash flows from consistent operational delivery and disciplined capital allocation. We have rapidly deleveraged by more than 31% in just over two years, reaching a net cash position by the end of March."
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 8% to $2.17. This morning, the biotechnology company announced the acquisition of an exclusive worldwide license to a patented chimeric antigen receptor (CAR) technology platform for precision-enhanced augmentation of therapeutic mesenchymal lineage stromal cell (MSC) products. Mesoblast advised that it plans to incorporate the engineered CARs to further boost effectiveness of its products, with the goal of enhancing the target specificity and augmenting inherent properties of immunomodulation and tissue regeneration.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up almost 13% to $2.50. This follows the release of a trading update from the agricultural chemicals company this morning. Nufarm revealed that it expects first-half underlying EBITDA to come in between $239 million and $244 million. At the midpoint, that represents 17% growth on the prior corresponding period. This is being driven by better margins in Crop Protection, growth in Hybrid Seeds, and improved contributions from its omega-3 and bioenergy platforms.
Virgin Australia Holdings Ltd (ASX: VGN)
The Virgin Australia share price is up 8% to $2.54. This has been driven by the release of an update from the airline operator today. Virgin Australia advised that its FY 2026 financial guidance remains unchanged, with underlying EBIT and EBIT margin expected to improve in the second half despite a surge in fuel prices. While higher fuel costs are impacting its business, its hedging has helped offset much of the impact. It said: "For the remainder of 2HFY26, the Group is hedged 92% for Brent crude oil and 71% for refining margins. […] This is expected to result in an increase of fuel costs for 2HFY26 of approximately $30-40m compared to previous expectations."
