In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,255.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 11% to $7.30. Investors have been scrambling to buy this rare earths producer's shares after it announced that the Malaysian government has granted permission to keep importing and processing lanthanide concentrate at its Malaysian facility until 2024. Lynas is looking at taking further action with the aim of overturning an upcoming ban.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up almost 8% to 84 cents. This follows a strong session for lithium shares and the release of the company's quarterly update this morning. In respect to the former, investors have been piling into the industry amid hopes that lithium prices have bottomed for the time being.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 2% to $21.76. This morning, Australia's oldest bank released its half-year results and reported a 22% increase in profit to $4 billion. This was driven by a combination of solid net interest income growth and lower expenses. Westpac declared a 70 cents per share fully franked interim dividend, which was up 15% year over year.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up almost 3% to $34.03. Investors have been buying Woodside and other ASX 200 energy shares after oil prices rebounded strongly on Friday night. This has led to the S&P/ASX 200 Energy index rising by a sizeable 2.1% on Monday afternoon.
