The S&P/ASX 200 Index (ASX: XJO) has returned to form and is racing higher on Tuesday. In afternoon trade, the benchmark index is up 1.1% to 7,531.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Adairs Ltd (ASX: ADH)
The Adairs share price is up 3.5% to $1.79. Investors have been buying Adairs and other retail shares today following stronger-than-expected economic data. According to the ABS, Australian retail sales climbed 2.2% in November. This was well ahead of the market's expectations. Though, it remains to be seen if this was driven by consumers bringing their holiday spending forward.
Alumina Limited (ASX: AWC)
The Alumina share price is up 5% to 96 cents. This follows news that Alcoa (NYSE: AA) plans to fully curtail production at the Kwinana Alumina Refinery in Western Australia from the second quarter of 2024. The company said: "Alumina Limited fully supports the decision by Alcoa in response to losses incurred at the Kwinana refinery together with its age, scale, operating costs and current bauxite grades." Alumina has a 40% ownership of Alcoa World Alumina and Chemicals (AWAC).
Resmed (ASX: RMD)
The ResMed share price is up 5.5% to $26.42. This appears to have been driven by a strong gain from the sleep treatment company's NYSE-listed shares overnight (and in after-hours trade). Investors may believe that 2023's selloff has created a buying opportunity for the year ahead.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 2.5% to $71.86. Investors have been buying this logistics solutions company's shares following a very strong night for tech stocks on Wall Street's NASDAQ index. It isn't just WiseTech that is rising today. The S&P/ASX All Technology Index is up 2% in afternoon trade.
