Link investor

Why shares of CBA, Flight Centre, Life360 and Link are soaring

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It was another positive day for the S&P/ASX 200 Index (ASX:XJO). In afternoon trading, the benchmark is up a further 1.65% to 6,809 points.

Four ASX stocks that are climbing more than most today are listed below. Here is why they are increasing:

Commonwealth Bank of Australia (ASX:ABC)

CBA stock price rose more than 2.5% to $97.27. Investors bought the CBA and the other big four banks today after the market reacted positively to the lower than expected rise in RBA cash rates. Investors seem to believe that this rise will boost margins but reduce recession risks.

Flight Center Travel Group Ltd (ASX: FLT)

Flight Center stock price rose more than 4% to $15.25. This morning, Ord Minnett analysts raised shares of the travel agent to a rating of holding sell with a price target of $14.26. The broker made this decision for valuation reasons after significant weakness over the past few months.

Life360 stock price is up 4.5% at $5.38. Investors rushed to buy shares of this location tech company following a rebound in the tech sector and a bullish brokerage rating from Goldman Sachs. The latter saw the broker initiating a hedge on Life360 shares with a buy rating and a price target of $7.50.

Link Administration Holdings Ltd (ASX: LNK)

Link’s stock price is up 6% at $3.10. This was prompted by the news that Dye & Durham would return with an offer to buy out parts of the Link business. After rejecting two proposals in recent days, Link is now considering a non-binding, conditional and indicative proposal to acquire Link’s Corporate Markets BCM business for total cash consideration of $1.27 billion, free of cash and debt.