In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. At the time of writing, the benchmark index is up 0.75% to 7,820.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
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DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 7% to a new record high of $2.15. This is despite there being no news out of the counter drone technology company on Tuesday. In fact, it has been almost three weeks since there was meaningful news out of the market darling. Nevertheless, investors appear to believe that DroneShield is perfectly positioned to continue its explosive growth thanks to industry tailwinds and some major contract wins. Its shares are now up over 450% since the start of the year.
GenusPlus Group Ltd (ASX: GNP)
The GenusPlus share price is up 5% to $2.04. Investors have been buying the national essential power and communications infrastructure provider's shares after it announced a major program of maintenance and upgrade works for Western Power. Genus will provide distribution and transmission overhead maintenance services across Western Power's network. The five-year agreement is expected to generate revenue of approximately $50 million in its first year.
Monadelphous Group Ltd (ASX: MND)
The Monadelphous share price is up 2% to $12.88. This morning, the engineering company announced that it has been awarded a major long-term maintenance and minor construction services contract. The contract is associated with Shell Australia's Prelude Floating Liquefied Natural Gas (FLNG) facility. The seven year contract will commence in November when the company's existing contract with Shell ends. Management believes that "renewing this significant contract demonstrates Monadelphous' leadership position in the Australian energy maintenance market, both onshore and offshore."
Telstra Group Ltd (ASX: TLS)
The Telstra Group share price is up almost 3% to $3.75. Investors have been buying the telco giant's shares after it announced an increase to its mobile prices. The changes will see prices on most Telstra mobile plans increase by between $2 to $4 per month. Management notes that these changes aimed to balance cost of living pressures "with its need to continue to invest to manage technology evolution and continued strong customer demand on its mobile network." Judging by its share price performance, the market appears to believe the company has got it just right with these increases.
