The S&P/ASX 200 Index (ASX: XJO) is storming higher on Friday thanks to strong gains in the banking sector. At the time of writing, the benchmark index is up 1.6% to 5,969.9 points.
Four shares that have climbed more than most today are listed below. Here's why they are surging higher:
The Adbri Ltd (ASX: ABC) share price has risen 5% to $2.85. Investors have been buying the building materials company's shares on Friday after the government announced plans to relax its responsible lending rules. This has sparked hopes that it could boost the housing market and ultimately lead to increasing demand for Adbri's products. This would be a big lift for its struggling Australian business.
The Brickworks Limited (ASX: BKW) share price is up almost 3% to $19.20. This appears to have been driven by a positive broker note. This morning analysts at Morgans upgraded the company's shares to an add rating with an improved price target of $19.98. It was pleased with Brickworks' better than expected FY 2020 result and notes that management's outlook was cautiously optimistic.
The Northern Star Resources Ltd (ASX: NST) share price has climbed 2.5% to $13.51. Investors have been buying Northern Star and other gold mining shares today after the spot gold price rebounded from its two-month low overnight. This has led to the S&P/ASX All Ordinaries Gold index rising by a solid 2% at the time of writing.
The Westpac Banking Corp (ASX: WBC) share price has jumped almost 7% to $17.49. This follows the aforementioned news that the government intends to relax responsible lending rules. These changes should be a boost to the bank's lending in the near term. In addition, this morning analysts at Goldman Sachs put a buy rating and $19.80 price target on its shares. They believe Westpac's shares could re-rate higher now its AUSTRAC issue has been settled.
