The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. In afternoon trade, the benchmark index is up 0.5% to 8,968 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
AIC Mines Ltd (ASX: A1M)
The AIC Mines share price is up 8% to 74 cents. Investors have been buying this copper miner's shares following the release of drilling results from the Jericho copper deposit in Northwest Queensland. Management advised that an eight-hole surface program of resource definition drilling at the Jolly shoot has returned high-grade copper, gold, and silver results. AIC Mines' managing director, Aaron Colleran, said: "Jericho is proving to be a great orebody – exceeding all our expectations in terms of strike extent, continuity and now grade, particularly the gold grade. The December 2026 Quarter is set to be the most exciting Quarter in AIC Mines' short history. I look forward to seeing this ore being fed into the new crusher."
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 2% to $8.90. This morning, this defence and space company announced that its recently acquired MARSS business has been selected as the C2 provider for the BAE Systems (LSE: BA.) Anti Threat System (BATS). It is a next-generation, counter-drone (CUAS) capability. Management believes this underscores MARSS' position as one of very few companies with the ability to deliver advanced, AI-powered C2 platforms that accelerate decision-making from minutes to seconds across detection, classification, and defeat.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up 3% to $12.20. This travel agent's shares are lifting off today after the announcement of a $200 million share buyback offset an earnings guidance downgrade driven by the Middle East conflict. Flight Centre's managing director, Graham Turner, revealed that the board believes its shares are undervalued. He said: "Looking ahead, we have strong foundations and growth prospects in both the leisure and corporate sectors. This is reflected in the Board's decision to launch a new up-to-$200m buy-back – which clearly signals that we see our shares as undervalued at current levels."
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 3% to $1.01. This follows the release of an operational update from the nickel producer this morning. Management advised that adjusted EBITDA from operations in April and May was approximately US$80 million. It also notes that its RKEF operations unwound a substantial amount of working capital and expects to receive approximately US$70 million in distributions by early July.
The post Why AIC Mines, EOS, Flight Centre, and Nickel Industries 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 Electro Optic Systems. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended BAE Systems. The Motley Fool Australia has recommended Flight Centre Travel Group. 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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