In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 1% to 7,164.7 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
Arafura Resources Limited (ASX: ARU)
The Arafura Resources share price is up over 20% to 23.5 cents. This follows news that the rare earths developer has been awarded a $30 million grant by the government. These funds will be used to support the construction of the rare earth separation plant at its Nolans Project. The grant is part of the Federal Government's Modern Manufacturing Initiative.
Block Inc (ASX: SQ2)
The Block share price is up over 7% to $143.52. This follows a similarly strong gain by the payments giant's US listed shares on the NYSE last night. It isn't just Block that is rising in the tech sector today. The S&P ASX All Technology index is up by a sizeable 2.5% at the time of writing.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 4% to $14.42. This struggling fund manager's shares have taken off today after it announced plans to buy back up to 10 million shares on-market. This represents approximately 5.4% of its shares on issue. Management advised that the buyback is "consistent with our aim to deliver capital efficiency, solid dividends and attractive returns for shareholders with a focus on our core funds management business."
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 3% to $5.09. Investors have been buying Qantas and other travel shares on Wednesday following another pullback in oil prices. The recent weakness in oil prices is good news for the airline operator given how much it spends on fuel. In addition, any relief this causes for petrol prices could give consumer sentiment and spending a boost. The reopening of NZ borders earlier than expected has also been a boost.
