The S&P/ASX 200 Index (ASX: XJO) is back on form on Monday and on course to record a small gain. In afternoon trade, the benchmark index is up 0.2% to 6,842.8 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 2% to $13.48. This morning this lithium miner was the subject of a bullish broker note out of JP Morgan. Its analysts have retained their overweight rating and increased their price target on the company's shares to $21.00. The broker has lifted its lithium demand forecast to reflect higher electric car penetration rate assumptions.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is up 2.5% to $3.53. Investors have been buying this gold miner's shares after it was added to the illustrious ASX 200 index. Capricorn will join the index at the next rebalance later this month. This means that index-tracking funds will have to buy its shares. It is likely to also allow some fund managers with certain investment mandates the opportunity to pick up shares.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 4.5% to $23.06. This fashion jewellery retailer's shares are also a new addition to the ASX 200 index at the quarterly rebalance. With Lovisa's market capitalisation now at almost $2.5 billion, it is among the 200 largest listed companies on the Australian share market.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 4% to $3.69. This appears to have also been driven by a broker note out of JP Morgan. Its analysts have upgraded Pilbara Minerals' shares to an overweight rating with an improved price target of $4.10. Even after its strong gains this year, this price target still implies potential upside of 11% from current levels.
