In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. The benchmark index is currently up 0.4% to 7,165.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 5% to $16.10. Investors have been buying ASX lithium shares on Wednesday after their US counterparts rallied overnight. In addition, Allkem was named as one of two lithium stocks to buy by Goldman Sachs this morning.
BHP Group Ltd (ASX: BHP)
The BHP share price is up 3.5% to $45.80. This mining giant's shares are roaring higher today after China announced an interest rate cut to boost its economic growth. This has sparked hopes that demand for key commodities could increase, leading to a decent increase in prices overnight.
Delta Lithium Ltd (ASX: DLI)
The Delta Lithium share price is up 6% to 69.5 cents. This morning, this lithium developer announced that Idemitsu Australia has invested ~$46.4 million at a premium of $0.7075 per share. This increases its shareholding to 15% of the issued capital of the company. The two parties will look to maximise the value of the Mt Ida and Yinnetharra lithium projects through key Australian, Japanese, and international relationships.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up almost 3% to $5.24. Investors have been buying this insurance giant's shares after it released its investor day update. Pleasingly, IAG revealed that it is on track to achieve its FY 2023 guidance. In addition, it has increased its medium term targets.
