The S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is racing higher. In afternoon trade, the benchmark index is up 0.8% to 7,338.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Life360 Inc (ASX: 360)
The Life360 share price is up almost 11% to $5.41. Investors have been buying the location technology company's shares following the release of a business update. As well as achieving guidance on key metrics in FY 2022, the company announced a restructure that is expected to accelerate its path to profitability.
Lithium Power International Ltd (ASX: LPI)
The Lithium Power share price is up over 6% to 50 cents. This morning the lithium explorer revealed that it has commenced its inaugural drilling program at its East Kirup lithium prospect located in the Greenbushes region of Western Australia. In addition, the company advised that its Western Lithium business is to be demerged during the first half of 2023, subject to market conditions and shareholder approval.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 4% to $26.42. This appears to have been driven by a broker note out of Canaccord Genuity. According to the note, its analysts have lifted their price target on this fashion jewellery retailer's shares by a massive 22% to $27.75.
Santos Ltd (ASX: STO)
The Santos share price is up over 3% to $7.36. Investors have been buying Santos and other energy shares on Friday following another rise in oil prices overnight. This was driven by optimism that global demand for oil could strengthen. At the time of writing, the S&P/ASX 200 Energy index is up approximately 2%.
