The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up 0.1% to 8,736.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Civmec Ltd (ASX: CVL)
The Civmec share price is up 7% to $1.57. Investors have been buying this construction and engineering services provider's shares after it announced a series of new contracts and extensions. Management advised that they have a combined value exceeding $400 million and reflect its success in converting a strong pipeline of opportunities. It also believes that it reinforces Civmec's strategic focus on continued early-contractor involvement, sustainable growth, and order book diversification. Among the new contracts is one from BHP Group Ltd (ASX: BHP) for the Port Debottlenecking Project 2 (PDP2) at Nelson Point, Port Hedland. Civmec's CEO, Patrick Tallon, said: "We are absolutely delighted to be entrusted with this significant package of work. We are honoured to be trusted to deliver, particularly given the location and complexity of the scope, which plays to Civmec's strengths."
Fenix Resources Ltd (ASX: FEX)
The Fenix Resources share price is up 4% to 50 cents. This follows the release of a quarterly update from the iron ore miner. Fenix reported record quarterly iron ore shipments and a strong cash build. Management believes this demonstrates the company's successful ramp up in production, consistent operational execution, and the strength of a fully integrated and scalable pit to port model. Fenix shipped 1,241,000 wet metric tonnes (wmt) during the three months. Its cash at 31 December was $78.9 million, representing an increase of $21.2 million from the end of September.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 8% to $10.92. Investors have been buying Paladin Energy and other ASX uranium stocks on Monday after their US counterparts raced higher on Friday. Given how short sellers have built large positions in uranium stocks, there could be some short covering going on today, boosting their shares further.
Vulcan Steel Ltd (ASX: VSL)
The Vulcan Steel share price is up 1% to $6.95. This morning, this New Zealand based steel products company announced that Gavin Street has been appointed as its new chief executive officer, replacing Rhys Jones. Vulcan Steel advised that Rhys Jones will remain as a director on Vulcan's board and has been appointed as non-executive chair of the board.
The post Why Civmec, Fenix, Paladin Energy, and Vulcan Steel shares are pushing higher today 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 recommended BHP Group. 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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