The S&P/ASX 200 Index (ASX: XJO) has found its legs and is rebounding strongly on Tuesday. In afternoon trade, the benchmark index is up 1.9% to 7,480.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Image source: Getty Images
Deep Yellow Ltd (ASX: DYL)
The Deep Yellow share price is up almost 8% to 87.2 cents. Investors have been buying this uranium miner's shares following the release of an update on the Tumas project in Namibia. Deep Yellow has confirmed that it will proceed with a staged development approach at Tumas, pushing forward with early infrastructure and detailed engineering. However, the construction of its processing plant has been put on hold due to weak uranium prices. Managing director, John Borshoff, said: "Although the Tumas Project is economic at current long-term uranium prices, these prices do not reflect or support the enormous amount of production that needs to be brought online to meet expected demand."
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is up 4% to $31.15. This has been driven by the release of a quarterly update from the fast food company today. Guzman Y Gomez revealed that total network sales climbed to $289.5 million for the third quarter, up 23.6% on the prior corresponding period. Comparable store sales were up 11.1% in Australia. In other news, the company has announced plans to start paying dividends. It said: "It is GYG's expectation that the application of this [dividend] policy will result in the distribution of the majority of earnings to shareholders, while retaining significant flexibility for continued investment in growth."
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is up 6% to $26.13. The catalyst for this has been a rebound in the tech sector and a broker note out of Bell Potter this morning. In respect to the latter, the broker has upgraded the enterprise software provider's shares to a buy rating with a $29.00 price target. It said: "The upgrade is based on valuation but we also see the upcoming 1HFY25 result next month as a potential catalyst for the share price."
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 5% to $1.25. This morning, this buy now pay later provider surprised the market by announcing an on-market share buyback. The company has announced that it intends to buy up to $50 million of shares back over the next 12 months. CEO Cynthia Scott said: "The buy-back program we have announced today is consistent with our capital management framework and focuses on maximising shareholder returns. Zip will maintain a strong balance sheet following completion of the buy-back with ongoing flexibility to pursue future growth opportunities."
