In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to make it three consecutive days of strong gains. At the time of writing, the benchmark index is up 1% to 6,831.4 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:
Amcor CDI (ASX: AMC)
The Amcor share price is up over 5% to $15.16. Investors have been buying the packaging company’s shares following the release of a solid half year update. Amcor posted a 16% increase in adjusted earnings per share to 33.3 U.S. cents for the six months. This stronger than expected performance led to management upgrading its earnings per share growth guidance. It now expects growth of between 10% and 14% in constant currency.
Carsales.Com Ltd (ASX: CAR)
The Carsales share price is up 5.5% to $21.12. This has been driven by the release of a bullish broker note out of Goldman Sachs this morning. According to the note, Goldman Sachs has upgraded the auto listings company’s shares to a buy rating with a $22.60 price target. Its analysts believe recent weakness in the Carsales share price has created a buying opportunity. Especially given its attractive valuation and solid medium term growth prospects.
Rent.com.au Ltd (ASX: RNT)
The Rent.com.au share price is rocketing a further 27% higher to 16.5 cents on Wednesday. Investors have been fighting to get hold of the rental listings company’s shares after Bevan Slattery became a shareholder. The well-respected tech investor grabbed $2 million worth of shares from a $2.75 million placement at 5 cents per new share.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has bounced back from yesterday’s decline and is up 4.5% to $11.02. Investors have been buying the online furniture and homewares retailer’s shares after Goldman Sachs responded positively to its half year update. Although the company fell short of its estimates, the broker believes it remains very well-positioned for strong growth in the coming years. It has retained its buy rating and put a $12.45 price target on its shares.
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Returns as of 6th October 2020
More reading
- ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets
- Where next for the Temple & Webster (ASX:TPW) share price?
- Carsales (ASX:CAR) share price on watch following broker upgrade
- 3 reasons why the Temple & Webster (ASX:TPW) share price could be a buy
- 5 things to watch on the ASX 200 on Wednesday
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of and has recommended Amcor Limited. The Motley Fool Australia has recommended carsales.com Limited and Temple & Webster Group Ltd. 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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