In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.7% to 7,565 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
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AGL Energy Limited (ASX: AGL)
The AGL share price is up over 3% to $8.30. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded the energy company's shares to an add rating with an improved price target of $8.83. Morgans made the move in response to improving electricity prices.
Alliance Aviation Services Ltd (ASX: AQZ)
The Alliance Aviation Services share price is up 3% to $3.86. This morning the ACCC revealed that it does not propose to take any further enforcement action in relation to the stake that Qantas Airways Limited (ASX: QAN) has in Alliance. Though, the competition watchdog warned that it will "continue to monitor Qantas's conduct in the industry in relation to Alliance and may take action at a later time."
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price is up 3% to $34.01. Investors have been buying the energy producer's shares following a strong night of trade for oil prices. Speculation that further sanctions could be placed on Russian oil and coal gave oil prices a major boost.
Xero Limited (ASX: XRO)
The Xero share price is up over 4% to $107.77. This follows a strong rise by tech stocks and news of a key new appointment by the cloud-based accounting company. In respect to the latter, Xero has appointed Chris O'Neill to the position of chief growth officer. O'Neill will lead the growth of Xero's small business platform and strategic development of Xero in the Americas.
