The S&P/ASX 200 Index (ASX: XJO) has bounced back from a tough start and is trading flat. At the time of writing, the benchmark index is flat at 7,816.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
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DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 4% to $1.20. Investors have been buying the counter drone technology company's shares following the release of its first quarter update. For the three months ended 31 March, DroneShield reported first quarter revenue of $33.5 million. This was up a sizeable 102% on the prior corresponding period. The company notes that this is now officially its strongest revenue quarter ever, overtaking its previous high of $27.7 million in the third quarter of FY 2023. Looking ahead, DroneShield is already sitting on $94.4 million of revenue either received or locked in via purchase orders for the 2025 financial year. This is well ahead of the $57.5 million achieved in all of FY 2024.
Kingsgate Consolidated Ltd (ASX: KCN)
The Kingsgate share price is up 4% to $1.74. This has been driven by another jump in the gold price overnight. The precious metal hit a new record high after US President Donald Trump pushed the US Federal Reserve to cut interest rates. Outside this, it is worth noting that Canaccord Genuity put a speculative buy rating and $4.00 price target on the company's shares this month. This is more than double its current share price.
Santana Minerals Ltd (ASX: SMI)
The Santana Minerals share price is up 3.5% to 59.5 cents. This morning, the gold miner released an update on its Pre-feasibility Study (PFS) for the Bendigo-Ophir Gold Project (BOGP). This relates to its focus on selective and manual pit designs on the Rise and Shine (RAS) deposit. Commenting on the update, Santana CEO, Damian Spring said: "This progressive step in finessing our initial PFS demonstrates the option to significantly reduce the pre-strip volume. Smarter pit staging clearly rebalances the waste removal equation in the initial stage and has the potential to re-shape the project's capital burden. Furthermore, it shouldn't be lost on the investor that the Australian dollar gold price has risen over 25% since the initial PFS which substantially enhances the robustness of the project."
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is up 7% to 10.7 cents. This is despite there being no news out of the embattled casino operator. However, with its shares down 75% over the past 12 months, some brave investors may believe this has created a buying opportunity. Though, given its precarious balance sheet, the company's turnaround is not going to be easy.
