In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.1% to 7,105.7 points.
Four ASX shares that are climbing more than most are listed below. Here's why they are rising:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price has jumped 17% to 96.5 cents. Investors have been bidding the lithium developer's shares higher today after it announced a binding agreement with auto giant Tesla. According to the release, the agreement is for the supply of 110,000 tonnes of lithium spodumene concentrate across a four-year period.
Medical Developments International Ltd (ASX: MVP)
The Medical Developments International share price has rocketed 27% higher to $4.35. Investors have been buying the medical device company's shares after it revealed that the US Food and Drug Administration (FDA) has unconditionally lifted the agency's clinical hold on its Penthrox (aka the green whistle) product. This means the company can now start to plan a phase 3 trial in the US.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is up 4.5% to $123.20. This follows a strong night of trade for commodity prices. For example, according to CommSec, the spot iron ore price rose 3.8% to US$144.45 per tonne overnight. This bodes well for Rio Tinto's performance and its cash flow generation in FY 2022.
South32 Ltd (ASX: S32)
The South32 share price is up 4.5% to $4.96. Once again, this appears to have been driven by rising commodity prices. According to CommSec, the aluminium price climbed 3.3% overnight to US$3,501 per tonne. In addition, this morning Goldman Sachs retained its conviction buy rating and lifted its price target to $5.60.
