In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing higher. The benchmark index is up 0.45% to 7,640.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is up almost 5% to $3.35. The building products company's shares are rebounding today following a selloff on Thursday. The team at Ord Minnett believes the weakness created a buying opportunity. This morning, the broker retained its buy rating on the company's shares with a lofty $5.70 price target.
GQG Partners Inc (ASX: GQG)
The GQG share price is up almost 5% to $2.23. Investors have been buying the fund manager's shares following the release of its full year results. GQG reported an 18.5% increase in revenue to US$517.6 million and a 15.7% lift in net operating income to US$384.4 million. This allowed the company to lift its final dividend by 30% to 2.6 US cents per share.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up almost 6% to $3.66. Investors are buying ASX lithium shares on Friday amid reports that the Albanese government is considering a multibillion-dollar initiative to try to compete with the United States Inflation Reduction Act. According to the AFR, the aim is to drive the domestic development of clean energy technology.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is up 2.5% to $1.19. This has been driven by news that the payments company has settled its legal proceedings commenced against Kounta. These proceedings asserted that Kounta breached its obligations to Tyro by offering a competing product to Tyro merchants. Kounta will pay Tyro $10 million in damages and not solicit certain mutual merchants until September.
