Why Allkem, IGO, Northern Star, and Race Oncology shares are racing higher

These ASX shares are ending the week strongly.

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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.

Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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