The S&P/ASX 200 Index (ASX: XJO) is edging higher on Wednesday afternoon. At the time of writing, the benchmark index is up 0.15% to 7,938.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
AMA Group Ltd (ASX: AMA)
The AMA Group share price is up 7% to 63 cents. This is despite the smash repair company announcing the exit of its CEO, Mathew Cooper, with immediate effect. The market appears pleased with his replacement, Ray Smith-Roberts, who is currently a non-executive director. The company notes that the next stage of its turnaround is to focus on further improving the performance of its operations, specifically the AMA Collision business. Accordingly, AMA believes Ray Smith-Roberts, who has deep operational experience, is the person to oversee this next phase of the development of the company.
Emerald Resources NL (ASX: EMR)
The Emerald Resources share price is up 2.5% to $3.78. This morning, this gold miner revealed that it has now cleared its debts. The final payment has been made under the US$60 million Okvau Debt Facility executed with Sprott Private Resource Lending in June 2019 which allowed for the development of the 100% owned Okvau Gold Mine. Since development, the gold miner has produced over 400k ounces of gold from this mine. Today's payment makes Emerald Resources a debt-free and unhedged gold producer at a time when the precious metal is at a record high. Based upon the current gold price and USD exchange rate, management expects its cashflows will improve by ~A$8 million per month.
Kelsian Group Ltd (ASX: KLS)
The Kelsian Group share price is up almost 5% to $2.69. The catalyst for this has been news that the travel and transport company is exploring divestment options for a portfolio of Australian tourism assets to streamline the business, reduce debt, and improve shareholder value. The businesses currently being considered for divestment include K'gari (Fraser Island) resorts, tours and ferry, SeaLink Sydney Harbour, Murray Princess, Adelaide Sightseeing, SeaLink Western Australia, SeaLink Whitsundays, SeaLink Tasmania, and SeaLink Northern Territory. Collectively, these businesses generated over $160 million in revenue in FY 2024.
Life360 Inc (ASX: 360)
The Life360 share price is up almost 3% to $20.65. Investors have been buying Life360 and other ASX tech stocks on Wednesday following a positive night of trade on the tech-focused Nasdaq index overnight. This has led to the S&P/ASX All Technology Index outperforming the ASX 200 index during trade today.
The post Why AMA, Emerald Resources, Kelsian, and Life360 shares are zooming higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. 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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