The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Thursday. In afternoon trade, the benchmark index is up 0.6% to 7,650.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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BHP Group Ltd (ASX: BHP)
The BHP share price is up 2% to $45.35. This morning, this mining giant released its third-quarter update. It reported a 7% quarter on quarter increase in copper production to 465.9kt and a 6% lift in metallurgical coal to 6Mt. And while the miner's iron ore production fell 7% during the three months to 61.5Mt due partly to heavy rainfall, it has held firm with its guidance for FY 2024. BHP continues to expect its iron ore production to be between 254Mt and 264.5Mt for the 12 months.
Challenger Ltd (ASX: CGF)
The Challenger share price is up 6% to $6.87. This follows the release of a trading update from the annuities company this morning. During the third quarter, Challenger achieved total Life sales of $1.7 billion and Life book growth of 0.9%. Lifetime annuity sales were up 37% for the period to $202 million. Also increasing were the company's assets under management (AUM), which reached $124 billion. This means that its AUM rose by a solid 6% for the quarter. Looking ahead, management now expects its normalised net profit before tax to be at the top end of its $555 million to $605 million guidance range in FY 2024.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is up 2.5% to $131.77. Investors have been buying the mining giant's shares following a strong rise in the iron ore price overnight. This follows news that Chinese economic growth came in far stronger than the market was expecting. In other news, this morning analysts at Citi reiterated their buy rating and $137.00 price target on the miner's shares. This was in response to Rio Tinto's quarterly update, which was released to the market on Wednesday.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 8% to $13.56. This has been driven by the release of the radiopharmaceuticals company's first-quarter update after the market close on Wednesday. Telix reported further strong sales growth. It posted total revenue of US$114.9 million (A$175 million), which is an increase of 18% on US$97.1 million (A$148.1 million) in the prior quarter. This was driven primarily by sales of Telix's prostate cancer imaging product Illuccix. Management also reaffirmed its FY 2024 revenue guidance of US$445 million to US$465 million. This represents an increase of approximately 35% to 40% over what was recorded in FY 2023.
