In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 7,339.1 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up almost 3% to $11.10. This appears to have been driven by a broker note out of Morgans. According to the note, the broker has upgraded the company’s shares to an add rating and lifted its price target on them to $13.25. Based on the current Allkem share price, this implies potential upside of 20% for the lithium miner over the next 12 months.
Beacon Lighting Group Ltd (ASX: BLX)
The Beacon Lighting share price is up 3.5% to $3.13. Investors have been buying the retailer’s shares following the release of a first half trading update. Beacon Lighting revealed that it expects to report a result in line with the prior corresponding period’s sales of $151.3 million and net profit after tax of $22.2 million. It notes that the latter is significantly higher than analyst expectations.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 11% to $9.74. This follows the release of the gold miner’s quarterly update but has been driven largely by a rise in the gold price. Traders were buying gold amid ongoing geopolitical risks and as an inflation hedge. Northern Star isn’t the only gold miner rising today. The S&P/ASX All Ordinaries Gold index is up over 7% today.
Virtus Health Ltd (ASX: VRT)
The Virtus Health share price is up 8% to $7.23 following the receipt of a takeover approach. The fertility treatment company has received a $7.60 cash per share non-binding offer from CapVest Partners. This improves on the $7.10 cash per share offer made by BGH. As a result, the Virtus health Board believes it is superior and has granted CapVest due diligence.