In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.85% to 8,064.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 5% to $1.22. Investors have been buying this energy producer's shares following the release of its quarterly update. Beach Energy reported production of 4.9MMboe and sales revenue of $552 million for the three months. While both were down slightly quarter on quarter, they were up meaningfully on the prior corresponding period. Management has reaffirmed its guidance for the remainder of FY 2025.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 9% to $3.06. This morning, this uranium producer released its quarterly update and revealed the generation of its first free cash flow from the Honeymoon Project in South Australia. Boss Energy's managing director, Duncan Craib, said: "This was a pivotal quarter for Boss as we started generating free cashflow at Honeymoon. This milestone is the result of the highly successful ramp up, which saw production and costs meet or exceed our guidance. Importantly, we generated robust margins at current prices, demonstrating the strength of Honeymoon in the current market and the project's immense upside on the back of future increases in the uranium price as the market tightens."
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 3.5% to $16.00. This follows the release of the iron ore giant's third quarter update. Fortescue shipped 46.1 million tonnes during the quarter, a 6% increase over the same period last year. This was despite facing several significant weather events, including a five-day closure of the Port of Port Hedland. On a nine-month basis, shipments hit a record of 143.2 million tonnes and were up 4% on the prior corresponding period.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up almost 15% to $20.86. This has been driven by the release of the mining and mining services company's quarterly update. The main takeaway from this update wasn't the performance of its mining operations, but management's confidence that an equity raising will not be necessary. It said: "Given the Company's strong liquidity and a number of other levers at MinRes' disposal, an equity raise is not under consideration."
The post Why Beach Energy, Boss Energy, Fortescue, and Mineral Resources shares are racing higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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