In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.9% to 7,209.2 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
BHP Group Ltd (ASX: BHP)
The BHP share price is up 3% to $49.40. Investors have been buying this mining giant’s shares today following a rise in both iron ore and oil prices. In respect to the former, according to Metal Bulletin, the spot iron ore price has broken through the US$200 level and is up 4.9% to US$208.67 a tonne. Whereas Brent and WTI crude oil prices hit two-year highs following an update out of OPEC.
Healius Ltd (ASX: HLS)
The Healius share price is up over 3% to $4.35. This gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted the price target on this healthcare company’s shares to $4.45. It made the move on the belief that the company is continuing to benefit greatly from COVID-19 testing.
Inghams Group Ltd (ASX: ING)
The Inghams share price has climbed 6% to $3.72. This also appears to have been driven by a broker note out of Credit Suisse. This time around the broker has retained its outperform rating on this poultry producer’s shares and lifted its price target to $4.10. Credit Suisse made the move in response to the company’s trading update last week and its undemanding valuation.
Santos Ltd (ASX: STO)
The Santos share price is up 5.5% to $7.29. The catalyst for this strong gain was oil prices hitting two-year highs overnight. Traders were bidding oil prices higher after OPEC and its allies reconfirmed plans to increase production gradually. The oil cartel also spoke positively about demand and is expecting it to increase.