In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,318.8 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Image source: Getty Images
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up 2.5% to $104.80. Investors have been buying the banking giant's shares after it released its full-year results and revealed earnings slightly ahead of expectations. Goldman Sachs said: "CBA's FY23 cash earnings (company basis) from continued operations grew by 6% on pcp to A$10,164 mn, and was 1% ahead of our and Visible Alpha consensus expectations."
Coronado Global Resources Inc (ASX: CRN)
The Coronado share price is up 5% to $1.53. This morning, Goldman Sachs responded to the coal miner's half-year results by retaining its buy rating with a $2.20 price target. The broker commented: "We rate CRN a Buy on: (1) Strong FCF & Div yield, (2) a supportive met coal market in 2023 on supply risks & China reopening."
InvoCare Limited (ASX: IVC)
The InvoCare share price is up almost 6% to $12.45. Investors have been buying the funerals company's shares after it entered into a scheme of arrangement with TPG Capital. InvoCare shareholders will receive $12.70 per share in cash, inclusive of a fully franked special dividend of up to $0.60 per share.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 4% to 66.7 cents. This follows news that the graphite producer has entered into a non-binding memorandum of understanding (MOU) with battery and electronic materials manufacturer Samsung DIA. The MOU will evaluate natural graphite active anode material (AAM) supply from Syrah's vertically integrated Vidalia AAM facility in Louisiana, USA.
