In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and stormed higher. At the time of writing, the benchmark index is up 0.9% to 7,056.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Block Inc (ASX: SQ2)
The Block share price is up almost 9% to $126.67. This is despite there being no news out of the payments company today. However, it is worth noting that its shares were on fire in the US overnight after the tech sector launched higher following softer than expected inflation data. The S&P/ASX All Technology Index is up 2.2% today.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has jumped 14% to $1.51. A number of lithium shares are racing higher today after the softer inflation data boosted investor sentiment, particularly in higher risk assets. In addition, with Lake currently one of the most shorted ASX shares, it appears that a short squeeze could be occurring this afternoon.
Mirvac Group (ASX: MGR)
The Mirvac share price is up 3.5% to $2.16. This morning the property company delivered a full year result ahead of guidance. Mirvac reported an 8% increase in operating profit after tax to $596 million. This allowed the company to lift its full year distribution by 3% to 10.2 cents per share.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is up 3% to $12.53. Investors have been buying this insurance giant's shares after its half year results release. Although QBE reported a sharp decline in its profits, investors appear to be focusing more on its strong gross written premium growth, which rose 13.78% over the prior corresponding period.
