The S&P/ASX 200 Index (ASX: XJO) is having a better session on Monday. At the time of writing, the benchmark index is up 0.2% to 7,965.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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ALS Ltd (ASX: ALQ)
The ALS share price is up 2% to $16.06. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its buy rating with an improved price target of $17.75. Goldman said: "With sustainably higher margins, faster last-5Y organic growth, and consensus forecasting higher growth, ALQ is still trading nearer the peer set median than the high. With the Minerals cycle potentially inflecting after ALQ's margins held up in a downturn, we believe it deserves to trade near the top of the set."
Life360 Inc (ASX: 360)
The Life360 share price is up 2% to $22.71. This follows news that S&P Dow Jones Indices has announced changes in the S&P/ASX Indices as a result of the March quarterly review. One change is that Life360 is being added to the illustrious ASX 100 index on 24 March along with Sigma Healthcare Ltd (ASX: SIG). They are replacing mineral sands producer Iluka Resources Ltd (ASX: ILU) and private health insurer NIB Holdings Limited (ASX: NHF) in the index.
Nuix Ltd (ASX: NXL)
The Nuix share price is up 7% to $3.57. This also appears to have been driven by S&P Dow Jones Indices announcing changing to the S&P/ASX Indices. The investigative analytics and intelligence software provider is one of seven shares that are being added to the ASX 200 index at the rebalance later this month.
Sovereign Metals Ltd (ASX: SVM)
The Sovereign Metals share price is up 2% to 95 cents. This morning, the graphite company announced the results of purification testing of coarse flake graphite concentrate from its Kasiya Rutile-Graphite Project. This is for applications requiring a higher-grade product, such as powder metallurgy, isostatically-pressed refractory products and high-grade expandables. The good news is that the company successfully demonstrated purification of Kasiya's coarse flake graphite via two methods. Management believes this showcases the potential for future downstream customers to reduce reagent consumption and waste generation.
