The S&P/ASX 200 Index (ASX: XJO) is recovering on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.3% to 8,393.3 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:
BHP Group Ltd (ASX: BHP)
The BHP Group share price is up 3% to $48.56. This follows a rise in copper and iron ore prices overnight after the US postponed military strikes on Iran. It isn’t just BHP that is rising on Tuesday. A good number of mining shares are pushing higher, which has driven the S&P/ASX 200 Resources index 2.3% higher at the time of writing.
EchoIQ Ltd (ASX: EIQ)
The EchoIQ share price is up 19% to 73 cents. This morning, this healthcare technology company announced that its EchoSolv HF technology would be deployed via the Mayo Clinic Platform â Solutions Studio Program. This will enable Mayo Hospitals and 80 external partner hospitals to participate. The company’s CEO, Dustin Haines, said: “The expansion of our agreement with Mayo Clinic is one of the more strategically important milestones in the Company’s history. A more equitable arrangement with one of the most respected hospital systems in the US, as we move closer to FDA clearance and commercial deployment, leaves us well positioned for the months ahead.”
Life360 Inc (ASX: 360)
The Life360 share price is up 3% to $19.32. Investors have been buying the family safety technology company’s shares following another rise by its Nasdaq listed shares overnight. Despite this, Life360 shares are still down 40% since the start of the year amid broad weakness in the tech sector. Last week, Morgan Stanley put an overweight rating and $30.00 price target on its shares. This implies potential upside of 55% for investors over the next 12 months.
Qantas Airways Ltd (ASX: QAN)
The Qantas Airways share price is up almost 3% to $8.37. This has been driven by a pullback in oil prices overnight amid optimism that the US and Iran could soon commence peace talks. Given that fuel is one of Qantas’ largest operating expenses, any relief in oil prices will be good news for future profitability. Last week, Macquarie Group Ltd (ASX: MQG) put an outperform rating and $11.60 price target on Qantas’ shares. This suggests that upside of almost 40% is possible from current levels.
The post Why BHP, EchoIQ, Life360, and Qantas shares are racing higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360 and Macquarie Group. The Motley Fool Australia has positions in and has recommended Life360 and Macquarie Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.