In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week on a positive note. At the time of writing, the benchmark index is up 0.3% to 8,098 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
BHP Group Ltd (ASX: BHP)
The BHP share price is up 2% to $39.55. This follows a rise in the iron ore price overnight and the release of a bullish broker note out of Macquarie. In respect to the latter, the broker has upgraded the mining giant's shares to an outperform rating (from neutral) with a $44.00 price target. Macquarie made the move largely on valuation grounds. In addition, it highlights that recent iron ore price weakness means that the steel making ingredient is trading in line with its short term estimates now.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is up 1.5% to $16.27. This may have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has retained its overweight rating on the language testing and student placement company's shares with an improved price target of $21.50. The broker has been looking at IDP Education's language testing opportunity in China and likes what it sees. Particularly given how management has changed its strategy in the massive market. It thinks that investors are overlooking the benefits of this change.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up over 4% to $15.69. Investors have been buying Northern Star and other gold miners on Friday after the gold price stormed to a record high. This was driven by optimism that the US Federal Reserve will make a big cut to interest rates next week. The good news is that the gains may not be over for Northern Star's shares. Last week, Bell Potter initiated coverage on the gold miner's shares with a buy rating and $17.50 price target.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is up 1.5% to $24.29. This has been driven by a rebound in oil prices overnight. Both the WTI crude oil price and the Brent crude oil price charged over 2% higher during overnight trade. The catalyst for this was news that Hurricane Francine has disrupted oil production in the Gulf of Mexico.
