The S&P/ASX 200 Index marked solid gains on Friday, as the benchmark index jumped 0.10% to 7,767.50 points. Three ASX shares that are outperforming the market today are detailed below, showcasing why they are experiencing notable gains.
Delta Lithium Ltd (ASX: DLI)
Delta Lithium Ltd's share price has jumped 19.57% to 28 cents. Investors are flocking to this lithium explorer's shares following an exciting update on its wholly-owned Mt Ida Project in Western Australia. Contrary to expectations of lithium, the company announced the discovery of a significant gold deposit. The mineral resource estimate for gold at Mt Ida now stands at 6.6Mt @ 3.5 g/t Au, totaling 752,000 ounces. Delta Lithium's managing director, James Croser, commented, "This is a wonderful result for Delta shareholders, reaffirming our long-held belief that the gold system at Mt Ida has significant scale and upside."
Insurance Australia Group Ltd (ASX: IAG (LON:ICAG))
Insurance Australia Group's share price has risen almost 7.81% to AU$7.18. This morning, the insurance giant provided a positive update and reaffirmed its guidance for FY 2024. The company indicated that its reported insurance profit and margin are expected to be at the upper end of guidance ranges. Additionally, IAG announced the purchase of reinsurance protection to mitigate natural perils volatility for the next five years and secured adverse development protection for its AU$2.5 billion long-tail reserves. IAG CEO Nick Hawkins stated, "Today's announcement is an important milestone in our strategy to create a stronger, more resilient IAG."
Mirvac Group (ASX: MGR)
Mirvac Group's share price has increased by 3.31% to AU$1.87 following a positive trading update. The property company reaffirmed its guidance for operating earnings per share of 14 cents to 14.3 cents in FY 2024 and a distribution per share of 10.5 cents. Furthermore, Mirvac revealed that it has successfully delivered on its ~$1 billion asset sales program. This includes the sale of 367 Collins Street in Melbourne, which has been exchanged and a deposit received, with settlement expected in July 2024.