In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher for a second day in a row. At the time of writing, the benchmark index is up 0.3% to 7,362.1 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Block Inc (ASX: SQ2)
The Block share price is up 7% to $187.50. This follows a similarly strong gain by its NYSE listed shares during overnight trade on Wall Street. The payments giant’s stormed higher amid a rally in the US tech sector and a bullish broker note out of Mizuho. The latter saw the broker increase its price target on the company’s US shares to US$190. Mizuho notes that Blocks’s CashApp product is growing in popularity with teenagers.
Calix Ltd (ASX: CXL)
The Calix share price has jumped 16% to $8.07. This follows news that the environmental technology company’s LEILAC-2 project has passed the financial investment decision (FID) milestone. It will be integrated into HeidelbergCement’s operational plant in Hannover, Germany, and will aim to address the plant’s unavoidable emissions.
Carnarvon Energy Ltd (ASX: CVN)
The Carnarvon Energy share price is up 11.5% to 35.7 cents. Investors have been buying this energy company’s shares today after it revealed a material oil discovery at the Pavo-1 well. The Pavo-1 well is part of the WA-438-P exploration permit, which Carnarvon Energy has a 30% interest in. The release notes that light oil was recovered from excellent reservoirs.
Imugene Limited (ASX: IMU)
The Imugene share price has stormed 10% higher to 28.7 cents. This morning the biotech revealed that it has received Western Institutional Review Board approval to start a phase one clinical trial of a new cancer treatment. Imugene will look into the use of its oncolytic virotherapy candidate, Vaxinia, on multiple solid tumours.
The post Why Block, Calix, Carnarvon, and Imugene shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Calix (ASX:CXL) share price is shooting 12% higher today
- Leading the pack! ASX tech shares storm higher on Wednesday
- ASX 200 (ASX:XJO) midday update: Block and Zip jump, Fisher & Paykel Healthcare sinks
- Here’s why the Imugene (ASX:IMU) share price is having such a stellar day
- Carnarvon (ASX:CVN) share price explodes 36% higher on ‘material’ oil find
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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