In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.9% to 8,373.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up over 7% to 10.2 cents. Investors have been buying this rare earths explorer's shares after it announced the appointment of a new CEO. According to the release, the company has promoted Stuart Gale to the role with immediate effect in replacement of Nick Holthouse. However, Holthouse will remain with Meteoric Resources and focus all his efforts on the development of the Caldeira Ionic Clay Rare Earth Project. Gale was previously the CEO of the gold miner named directly below. He has also had roles with iron ore giant Fortescue Ltd (ASX: FMG) in the past.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is up over 14% to 43.5 cents. This gold miner's shares are rebounding strongly from recent heavy declines caused by concerns over its operations in Mali after its CEO was detained by the government. This morning, Macquarie reaffirmed its outperform rating on the gold miner's shares with a trimmed price target of 57 cents. It was pleased to see the company sign a memorandum of understanding with the Mali government yesterday, which may have secured the future of its operations in the West African nation.
Sonic Healthcare Ltd (ASX: SHL)
The Sonic Healthcare share price is up 5% to $27.60. This has been driven by the release of an investor update at the healthcare company's annual general meeting this morning. Management spoke positively about its outlook at the event. It said: "The outlook is for earnings growth in future periods, driven by: ongoing strong organic revenue growth with consequent operating leverage; cost reduction programs and other earnings initiatives implemented during the 2024 and current year; and the realisation of synergies and enhanced earnings from completed acquisitions and technology investments."
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is up over 11% to $29.81. Investors have been fighting to buy this enterprise software provider's shares following the release of its full year results this morning. TechnologyOne had another strong period, reporting a 20% increase in annual recurring revenue (ARR) to $470.2 million and an 18% jump in profit before tax to $152.9 million. The latter exceeds its guidance of 12% to 16% growth. Looking to the future, management believes its strong growth can continue and is targeting $1 billion in ARR by FY 2030. This will be supported by investments in new products and its international expansion.
The post Why Meteoric Resources, Resolute Mining, Sonic Healthcare, and TechnologyOne shares are roaring higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Technology One. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and Technology One. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Sonic Healthcare and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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