In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.5% to 7,755.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is up almost 17% to 14 cents. Investors have been buying the junior infant formula company's shares following the release of an update on its US operations. Bubs advised that USA weekly scan revenue exceeds US$1 million per week with over 24,000 tins sold. This compares to its third quarter average of US$750,000 revenue per week. Management also notes that it was the number one, best-selling infant formula product on Amazon USA in May 2024. Bubs' CEO, Reg Weine, commented: "We are continuing to see exceptionally strong demand for our products in the USA, and we have now reached a new weekly scan sales record in the USA with revenue exceeding US$1m."
Codan Ltd (ASX: CDA)
The Codan share price is up 8% to $11.53. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has initiated coverage on the metal detector manufacturer's shares with a buy rating and $13.10 price target. UBS is feeling positive about the company's outlook and is expecting strong revenue growth and margin expansion to drive even stronger earnings per share growth. The broker also sees scope for value accretive acquisitions given its strong balance sheet and new debt facilities.
Life360 Inc (ASX: 360)
The Life360 share price is up over 3% to $14.23. As well as getting a boost from a booming tech sector, this location technology company was the subject of a bullish broker note out of Morgan Stanley this morning. According to the note, the broker has reaffirmed its overweight rating and $17.50 price target on Life360's shares. It has been looking at the company's expansion into advertising and sees a very big opportunity based on what it has seen from peers such as ride-sharing apps.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 1.5% to 3.75 cents. This follows the release of drilling results from the Moblan Lithium Project in Canada. Management highlights that its recent drilling is demonstrating the potential of a single, large continuous orebody. Interim CEO, James Brown, commented: "Moblan continues to present outstanding high-grade drilling results over wide intersections. The deposit now extends over ~2.3km E-W, ~1.2km N-S and to depth of ~450m. Today's announcement emphasises the continuation of known mineralisation and areas of in-fill between zones, suggesting considerable potential for uncovering additional extensions to this premium lithium deposit."
