In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.3% to 7,755.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Life360 Inc (ASX: 360)
The Life360 share price is up 4.5% to $11.89. Investors have been buying this location technology company's shares this week after brokers responded positively to its FY 2023 results release. For example, Goldman Sachs reiterated its buy rating with an improved price target of $14.20. This implies further upside of almost 20%.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 2% to $3.27. Investors have been buying Evolution and other ASX gold shares again today after the price of the precious metal hit a new record high. Traders were bidding the gold price higher overnight on rate cut optimism. In other news, the gold miner reported some insider buying this morning.
Magnetic Resources NL (ASX: MAU)
The Magnetic Resources share price is up 12% to $1.09. This follows the release of the pre-feasibility study of the 100% owned Lady Julie Gold Project in Western Australia. The study confirms that Lady Julie is a financially robust project with low-cost, high margin gold production of 720,000 ounces over a nine-year life of mine.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 10% to $1.29. Investors have been buying this payments company's shares after it was the subject of a bullish broker note out of UBS. According to the note, the broker has upgraded Zip's shares to a buy rating with a $1.43 price target. UBS has been impressed with the company's performance in the US. Its previous rating was neutral with a lowly 36 cents price target.
