In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,159.6 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Image source: Getty Images
Accent Group Ltd (ASX: AX1)
The Accent share price is up over 2% to $1.72. This morning analysts at Goldman Sachs initiated coverage on this retailer's shares with a buy rating and $2.20 price target. The broker believes Accent is well-placed to benefit from younger consumers, especially those that still live at home, still having plenty of disposable income thanks to an increase in the minimum wage.
Block Inc (ASX: SQ2)
The Block share price is up 4% to $105.30. This follows a strong showing from the payments company's NYSE listed shares on Friday night. Thanks to solid gains in the tech sector, Block's shares rose almost 7% that night on Wall Street. However, with futures contracts pointing lower for tonight, this may have prevented its locally listed shares climbing in line.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 12% to $1.87. Core is one of a number of shares pushing higher today in the battery materials industry amid easing COVID restrictions in China. In addition, the lithium miner was the subject of a bullish broker note out of Macquarie this morning. Its analysts have retained their outperform rating and $1.90 price target on its shares.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 10% to $19.52. Investors have been buying the shares of Fortescue and other mining giants today after China announced major support for its struggling real estate sector. According to Reuters, Chinese regulators have told financial institutions to extend more support to property developers to shore up the struggling sector. This appears to have sparked hopes that demand for iron ore could increase.
