In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start to be trading a fraction higher. At the time of writing, the benchmark index is up slightly to 7,120.5 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are pushing higher:
Cettire Ltd (ASX: CTT)
The Cettire share price has jumped 17% to $2.73. Investors have been buying the online luxury retailer’s shares after it announced its expansion into the Chinese market. It will achieve this by partnering with Chinese ecommerce giant JD.com. Cettire estimates that mainland China will be the world’s largest market for personal luxury goods by 2025, with a potential market size of A$150 billion.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 13% to $8.16. This follows the release of a trading update by the grain exporter this morning. According to the release, GrainCorp expects its underlying net profit after tax to come in at $235 million to $280 million in FY 2022. This will be up 69% to 100% over the $139 million recorded in FY 2021.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is up 2% to $48.60. This follows the release of the building products company’s third quarter update. James Hardie reported a 22% increase in global net sales to US$900 million and a 25% lift in adjusted net income to US$154.1 million. Management advised that this reflects strong price/mix growth in all three regions.
Nitro Software Ltd (ASX: NTO)
The Nitro share price is up 6% to $2.04. This appears to have been a delayed reaction to a broker note out of Goldman Sachs from last week. According to the note, its analysts have initiated coverage on the document productivity company’s shares with a buy rating and $2.95 price target.
The post Why Cettire, GrainCorp, James Hardie, and Nitro shares are pushing higher appeared first on The Motley Fool Australia.
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More reading
- Cettire (ASX:CTT) share price rips 15% higher as it taps into $150b opportunity
- ‘Bumper crop’: Graincorp (ASX:GNC) share price rockets 13% on guidance update
- ASX 200 (ASX:XJO) midday update: ANZ disappoints, Magellan shares crushed
- James Hardie (ASX:JHX) share price up as company cements trading gains
- ‘Plenty of uplift’: Here’s why the Nitro (ASX:NTO) share price took off today
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 Cettire Limited. The Motley Fool Australia has recommended Cettire Limited and Nitro Software Limited. 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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