In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 1.05% to 7,391.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Life360 Inc (ASX: 360)
The Life360 share price has jumped 11% to $11.46. There have been a couple of catalysts for this strong gain. One is a rebound by tech stocks today following a strong night on the tech-focused Nasdaq index. The other is news that the app maker’s shares will be added to the ASX 200 index at the quarterly rebalance later this month.
Oil Search Ltd (ASX: OSH)
The Oil Search share price is up 3% to $4.24. The reason Life360 is joining the ASX 200 is because Oil Search is leaving it. This is due to news that the company’s merger with Santos Ltd (ASX: STO) is going ahead. This follows a successful shareholder vote and approval from the Independent Consumer and Competition Commission of Papua New Guinea.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is up 8.5% to $7.48. This morning the biopharmaceutical company announced an exclusive commercial distribution agreement with Madrid-based NUCLIBER for its prostate cancer investigational imaging product Illuccix in the Spanish market.
Zip Co Ltd (ASX: Z1P)
The Zip share price has jumped 10% to $5.26. This buy now pay later provider’s shares were given a boost today when analysts at UBS took their sell rating off the company. According to the note, the broker has upgraded Zip’s shares to a neutral rating with a $5.20 price target. While Zip’s total transaction value is tracking below its estimates, the broker saw a better risk/reward on offer with its shares to support a neutral rating.