Why CAR Group, Peninsula Energy, Star, and Telix shares are charging higher today
The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.3% to 8,215.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
CAR Group Limited (ASX: CAR)
The CAR Group share price is up 2% to $38.20. Investors have responded positively to news that this auto listings company is exiting its Australian Tyre business. The carsales.com.au owner revealed that it made the decision following continued difficulty in achieving sustainable profitability in what is a highly competitive tyre retail and wholesale market. CAR Group has agreed to sell its wholesale division Tyreconnect, whereas it will close its e-commerce platform tyresales.com.au with immediate effect.
Peninsula Energy Ltd (ASX: PEN)
The Peninsula Energy share price is up 7% to $1.38. This morning, this uranium producer provided an update on the restart of the Lance Project in the USA. According to the release, following the restart of operations on the 18 December, approximately 1,100 pounds of uranium has been captured in the plant ion exchange system. Peninsula also advised that it has received the final approval from State of Wyoming Department of Environmental Quality, Land Quality Division to expand the authorised mine permit area to include the Kendrick Project area at Lance.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is up 12% to 14 cents. This struggling casino and resorts operator's shares are lifting on news that a new substantial shareholder has emerged on its share register. Xingchun Wang has become a substantial shareholder after adding to an existing position with a $3.16 million purchase of shares on-market on Monday. They appear to believe that Star Entertainment can get out of its sticky situation.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 3.5% to $24.86. Investors have been buying this radiopharmaceutical company's shares after it released an update on its performance in FY 2024. Telix revealed that total unaudited full year revenue is up 55% year on year to approximately US$517 million (AU$783 million). This compares to its guidance range of US$490 million to US$510 million for the year. CEO Dr. Christian Behrenbruch, said: "This has been another great quarter of commercial performance. Strong sales of Illuccix have led Telix to close out the year with revenue above guidance, while significantly progressing our strategic priorities."
The post Why CAR Group, Peninsula Energy, Star, and Telix shares are charging higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Car Group and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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