The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. In afternoon trade, the benchmark index is up 1.7% to 7,307.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are jumping:
BHP Group Ltd (ASX: BHP)
The BHP share price is up 4% to $45.91. Investors have been buying BHP and other iron ore miners today after the price of the steel-making ingredient neared a five-month high. According to CommSec, iron ore futures are trading at US$120.56 a tonne after Chinese steel mills lifted production.
Life360 Inc (ASX: 360)
The Life 360 share price is up almost 4% to $9. This appears to have been driven by improving sentiment in the tech sector following a strong night on the Nasdaq index overnight and the highly successful IPO of Arm Holdings (NASDAQ: ARM). The leading technology provider of processor IP saw its shares surge almost 25% during last night's session.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 7% to 73.5 cents. This follows the release of an update on production from the battery materials technology company's continuous induction Generation 3 Furnaces at its Riverside facility in Tennessee, United States. That update reveals that material was produced that met all specifications while also reaching the equipment design throughput targets.
Santos Ltd (ASX: STO)
The Santos share price is up almost 3% to $7.96. Investors have been buying Santos and other energy shares on Friday after oil prices charged higher overnight. This was driven by news that China has cut bank cash reserve requirements to boost its economic recovery. In addition, according to CNBC, expectations that major global interest rate hike cycles were nearing their end boosted prices.
