It has been another positive day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is up a further 1.65% to 6,809 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up over 2.5% to $97.27. Investors have been buying CBA and the rest of the big four banks today after the market responded positively to the RBA's smaller than expected cash rate hike. Investors appear to believe this hike will boost margins but lessen recession risks.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up over 4% to $15.25. This morning analysts at Ord Minnett upgraded the travel agent's shares to a hold rating from sell with a $14.26 price target. The broker made the move on valuation grounds after significant weakness in recent months.
Life360 Inc (ASX: 360)
The Life360 share price is up 4.5% to $5.38. Investors have been scrambling to buy this location technology company's shares following a rebound in the tech sector and a bullish broker note out of Goldman Sachs. The latter saw the broker initiate coverage on Life360's shares with a buy rating and $7.50 price target.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is up 6% to $3.10. This has been driven by news that Dye & Durham has returned with a takeover offer for parts of the Link business. After rejecting two proposals in recent days, Link is now considering a non-binding, conditional and indicative proposal to acquire Link's Corporate Markets BCM businesses for total cash consideration of $1.27 billion on a cash and debt free basis.
