Why 5E Advanced Materials, Block, Neometals, and Xero shares are racing higher

These ASX shares are racing higher on Friday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end a difficult week on a very positive note. At the time of writing, the benchmark index is up 1.7% to 7,059.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

5E Advanced Materials Inc (ASX: 5EA)

The 5E Advanced Materials share price is up 11% to $3.18. This follows the release of the boron focused advanced materials company’s quarterly update. While the company posted a sizeable loss, it spoke positively about its outlook. It commented that the there is “strong demand and tight supply […] with average boric acid prices up more than 50% during CQ1 2022.”

Block Inc (ASX: SQ2)

The Block share price is up 14% to $113.75. This follows a positive night for the payments company’s US listed shares and a rebound in the tech sector. The latter has seen the S&P/ASX All Technology index charge a sizeable 5% on Friday.

Neometals Ltd (ASX: NMT)

The Neometals share price is up 11% to $1.37. This morning the battery materials company announced a cooperation agreement with Mercedes’ recycling subsidiary. Neometals will be the technology partner for the design and construction of a 2,500tpa lithium-ion battery recycling plant. Management believes the technology partnership is a strong validation of its technology.

Xero Limited (ASX: XRO)

The Xero share price is up 7% to $82.59. This morning a number of brokers spoke positively about the cloud accounting platform provider. One of those was Goldman Sachs, which has retained its buy rating with a $118.00 price target. In addition, Ord Minnett upgraded the company’s shares to a buy rating with a $97.00 price target and Citi retained its buy rating and $125.00 price target.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc. and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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