Why HMC, Hub24, Liontown, and Yancoal shares are racing higher today

The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and pushing higher. At the time of writing, the benchmark index is up 0.55% to 8,393.2 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is up 3% to $9.34. This may have been driven by a broker note out of Bell Potter this morning. In a catch up of recommendations made during the holiday period, the broker reminded investors that it has upgraded the investment company's shares to a buy rating with an improved price target of $13.50 (from $9.50). It notes that "it has been [a] remarkable half year period for HMC and we upgrade to Buy (was Hold). We think the share price pull-back provides an attractive entry point as the platform is reaching a scale and breadth sweet spot juncture which could see fee-earning capability increase further yet, and screens inexpensively vs. key global alternative AM and real estate fund manager peers."

Hub24 Ltd (ASX: HUB)

The Hub24 share price is up 13% to $73.72. Investors have been buying this investment platform provider's shares following the release of another strong quarterly update. Hub24 revealed that its platform funds under administration (FUA) increased 8% over the quarter to $98.9 billion. This represents a 36% increase on the prior corresponding period. Management advised that this was driven by record quarterly net inflows of $5.5 billion (up 23% on the prior corresponding period) and positive market movements of $1.8 billion. In light of this strong performance, management advised that its "remain[s] confident in meeting our FY26 Platform FUA target of $115 – $123 billion and are well-positioned for future growth."

Liontown Resources Ltd (ASX: LTR)

The Liontown Resources share price is up over 10% to 69.5 cents. This follows the release of the lithium miner's second quarter update. Liontown recorded a 215% quarter on quarter increase in spodumene concentrate production to 88,683 dry metric tonnes (dmt) for the three months. This supported a 651% increase in spodumene concentrate shipments to 81,341 dmt and a 674% jump in total revenue to $89.8 million. Liontown also revealed that it achieved net cash from operating activities of $16.7 million for the quarter.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal Australia share price is up 4% to $6.20. After the market close on Monday, this coal miner released its fourth quarter and full year update. Yancoal revealed that it achieved its production guidance in FY 2024 and delivered a $480 million increase in its cash balance to $2.46 billion. Acting CEO, Ning Yue, said: "Yancoal has delivered on its 2024 production guidance, producing 36.9 million tonnes of attributable saleable coal from almost 63 million tonnes of ROM coal (100% basis). This met our expected production profile across the year and is the result of a concerted effort from all our operations and logistics personnel. We expect our cash operating costs to fall within guidance when we report our 2024 Financial Results in February."

The post Why HMC, Hub24, Liontown, and Yancoal shares are racing higher today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended HMC Capital and Hub24. The Motley Fool Australia has recommended HMC Capital and Hub24. 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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