In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a strong gain. At the time of writing, the benchmark index is up 1.9% to 8,799.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
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Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is up 4% to $5.33. This may have been driven by a broker note out of Ord Minnett. According to the note, the broker has upgraded the rare earths stock to a speculative buy rating (from hold) with a $6.95 price target. The broker made the move in response to encouraging drilling results from the Velhinhas prospect.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 6% to $11.60. Investors have been buying Evolution Mining and other ASX gold stocks today after the price of gold rebounded. The catalyst for this was US President Donald Trump stating that a US-Iran peace deal was close. This led to oil prices pulling back, easing inflation and rate hike concerns. The S&P/ASX All Ordinaries Gold index is trading 5% higher on Friday afternoon.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 5% to $9.51. This has been driven by news that the ACCC has given the thumbs up to its proposed merger with Barrenjoey. If the merger goes ahead, Magellan advised that it plans to change its name to Barrenjoey. Magellan's chair, Andrew Formica, said: "As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined Group and the opportunities ahead. The decision to adopt the Barrenjoey name recognises the transformational nature of the Merger and follows feedback from our clients, our people and our shareholders since announcement of the Merger. A unified brand will provide greater clarity while reflecting the innovative culture, alignment of interests and commitment to clients that will define the combined organisation."
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is up over 4% to $9.41. Investors have been buying the airline's shares after oil prices pulled back overnight. As fuel is a significant cost for an airline operator, any weakness in the price of oil is good news for its margins. In addition, the potential US-Iran peace deal could give travel markets a boost.
