In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. The benchmark index is currently up 0.5% to 6,989.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is up 9% to $1.22. Investors have been buying De Grey and other gold shares today after the price of the precious metal strengthened. This appears to have been driven by events in the Middle East over the weekend. The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up over 5% this afternoon.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 5% to 17.3 cents. This morning, this lithium developer responded to an ASX aware query. The market appears satisfied with its answers to questions relating to the successful completion of the test program at the Kachi Project in Argentina.
Santos Ltd (ASX: STO)
The Santos share price is up 4% to $7.64. This follows a spike in oil prices on Monday following the aforementioned events in the Middle East. Oil prices are currently up approximately 4% according to CNBC. In other news, this morning, analysts at Macquarie retained their outperform rating on Santos' shares with a slightly trimmed price target of $9.60.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3.5% to $35.37. This also appears to have been driven by a rise in oil prices this morning. This has seen the S&P/ASX 200 Energy Index (ASX: XEJ) rise approximately 3.3% this afternoon. In addition, the energy giant's shares were upgraded by analysts at RBC Capital to an outperform rating today.
