In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.6% to 7,346.2 points.
Four ASX shares that are climbing more than most are listed below. Here's why they are charging higher:
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Life360 Inc (ASX: 360)
The Life360 share price has jumped 5% to $6.58. Investors have been buying the app maker's shares after it announced the creation of a Family Advisory Council that will bring together well-known celebrities and influencers to help shape the company's product and marketing strategy. Life360 also revealed that it expects its annualised monthly revenue to land towards the higher end of its guidance of US$110 million to US$120 million in 2021.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is up over 7% to $2.08. This follows an update on its Investigational New Drug (IND) application to the US Food and Drug Administration (FDA). Paradigm has responded to the FDA's questions about its application, stating that it consulted with multiple experts for its responses. This includes a United States board-certified pre-clinical toxicologist and a former FDA physician. Management is optimistic the FDA will be satisfied with its responses and be able to proceed to the next steps of the process.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 15% to 8.5 cents. This morning the lithium explorer revealed that it has been granted approval for the acquisition of Quebec-based North American Lithium (NAL) with Piedmont Lithium Inc (ASX: PLL). Sayona's Mining's Managing Director, Brett Lynch, believes this is a key milestone for the company, its partner Piedmont Lithium, and the city of Quebec.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up 4.5% to $3.76 after announcing the sale of a 49% interest in Telstra InfraCo Towers. The telco giant is selling the assets to the Future Fund, Commonwealth Superannuation Corporation, and Sunsuper. Telstra expects to receive $2.8 billion after transaction costs, with approximately 50% of net proceeds to be returned to Telstra shareholders in FY 2022.
