The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index has rebounded from yesterday’s selloff and is up a sizeable 1.3% to 7,452.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 4% to $74.66. Investors have been buying this buy now pay later provider’s shares after the Block share price recovered slightly on Thursday night. This meant that the takeover proposal that shareholders have approved is now valued at ~$75.66 per share at current exchange rates.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has jumped 11% to 98.5 cents. Investors have been buying this artificial intelligence technology company’s shares this week amid reports that Mercedes has included the Brainchip Akida chip in its Vision EQXX electric concept car. The chip is reportedly being used to power its “Hey Mercedes” smart assistant feature. Though, it is worth noting that this is a concept car and not indicative of future use in other cars.
Medibank Private Ltd (ASX: MPL)
The Medibank share price is up 6% to a 52-week high of $3.62. This is despite there being no news out of the private health insurer today. However, investors are becoming increasingly positive on the company due to favourable policyholder growth trends and strong margins.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 3.5% to $55.89. Investors have been buying the logistics solutions company and other tech shares today following a selloff on Thursday. So much so, the S&P ASX All Technology index is up 1.1% in afternoon trade. The WiseTech share price is still down 5% this week despite today’s recovery.
The post Why Afterpay, BrainChip, Medibank, and WiseTech shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- ASX says Block listing is ‘most important since BHP’. Here’s why
- ASX 200 (ASX:XJO): Woolworths withdraws API proposal, tech shares rebound
- How did the S&P/ASX All Technologies Index (XTX) perform in 2021?
- 5 things to watch on the ASX 200 on Friday
- These 3 ASX tech shares just hit 52-week lows. What’s going on?
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 Afterpay Limited and WiseTech Global. The Motley Fool Australia owns and has recommended Afterpay Limited and WiseTech Global. 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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