In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.4% to 7,351.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 4.5% to $11.55. This is despite there being no news out of the lithium miner. However, it is worth noting that a number of lithium shares are ending the week strongly. In addition, Goldman Sachs named Allkem as one of two ASX lithium shares to buy earlier this week.
IGO Ltd (ASX: IGO)
The IGO share price is up 5% to $13.38. This morning, this green metals miner revealed that it has secured land to build its proposed Integrated Battery Material Facility (IBM Facility). The project's development will see a downstream nickel refinery integrated with a plant producing high-value nickel dominant precursor cathode active material.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 4% to $14.36. Investors have been buying Northern Star and other gold miners today after the price of the precious metal rose to a new one-year high. This has seen the S&P/ASX All Ordinaries Gold index rise a sizeable 2.9% this afternoon.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up 6.5% to $1.87. This has been driven by the release of a detailed commercial assessment of the market potential for its Zantrene product as a cardio-protective agent or dual cardio-protective and anti-cancer agent in breast, endometrial, and ovarian cancers. Management sees scope to generate revenue as high as US$8 billion a year from the product.