The S&P/ASX 200 Index (ASX: XJO) is on form and on course to record a solid gain. In afternoon trade, the benchmark index is up 0.7% to 8,507.1 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 $26.65. This follows a very strong night of trade for the location technology company's shares on Wall Street on Monday. This latest gain means that Life360's shares are now up 27% since 22 November despite there being no news out of it. And on an annual basis, the company's shares are up a staggering 240% following today's gain.
Metcash Ltd (ASX: MTS)
The Metcash share price is up 6% to $3.38. Investors have been buying the wholesale distributor's shares since the release of its half year result on Monday. Metcash reported a 6.3% increase in group revenue to $9.6 billion but a 5.5% decline in underlying profit after tax to $134.6 million. In response to the results, the team at Ord Minnett has reaffirmed its buy rating on the company's shares with a $4.10 price target. The broker believes that Metcash's shares are cheap, especially given how its Hardware business stands to benefit greatly from expected interest rate cuts in 2025.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is up almost 6% to 22.2 cents. This morning, this casino and resorts operator announced that it has satisfied the conditions precedent to draw down the first $100 million tranche of a new debt facility. As a result, the funds are expected to be received by 9 December. Under the terms of the facility, the proceeds of the Treasury Casino sale must be placed into escrow, resulting in a net increase in cash for the company of approximately $37.1 million after fees. Star Entertainment is now working towards satisfaction of the conditions precedent for the second tranche of its debt facility.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 1.5% to $33.65. This may have been driven by a broker note out of UBS this week. That note reveals that UBS has broken ranks with other major brokers by declaring Westpac's shares a buy at current levels with an improved price target of $37.00. Although the broker acknowledges that the big four banks are trading above their fair value, it appears to believe the premium is justified due to their quality and stability. In addition, UBS sees potential for Westpac to benefit from cost-out initiatives.
