The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and racing higher. In afternoon trade, the benchmark index is up 2.5% to 6,619.2 points.
Four ASX shares that have climbed more than most today are listed below. Here's why they are zooming higher:
Allkem Ltd (ASX: AKE)
The Allkem share price has rebounded 7% to $14.14. Investors have returned to lithium shares again after investor sentiment improved materially following a very strong night of trade on Wall Street. This has helped drive the materials sector an impressive 3.35% higher on Tuesday.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is up 4% to $2.09. This follows a strong rebound from the gold price overnight after the US dollar and bond yields softened. In addition, this morning Evolution announced that it has secured a competitive, long-term power supply agreement for its Cowal Gold Operation under a new eight-year partnership with AGL Energy Limited (ASX: AGL).
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has jumped 19% to $1.50. The catalyst for this has been the release of positive results from a clinical trial for osteoarthritis (OA). According to the release, several OA biomarkers analysed were observed to favourably change over time in patients treated with iPPS compared to a placebo. Management highlights that there were 303.1 million cases of hip and knee osteoarthritis worldwide in 2017, giving it a significant market opportunity.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 12% to 25.3 cents. Investors have been buying this lithium developer's shares following a rebound in the lithium industry and the release of a promising announcement. The latter reveals that Sayona is looking at the potential production of lithium carbonate at the North American Lithium (NAL) operation. This lithium carbonate would be made from spodumene produced at NAL.
