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 1.1% to 7,191.8 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up 5% to $19.84. Investors have been buying this travel agent’s shares amid optimism that the reopening of Australia’s international borders will be a boost to its performance. Several other travel shares are charging higher with Flight Centre on Tuesday.
Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is up 4% to $202.08. Investors have been buying the investment bank’s shares following the release of its third quarter operational update. Macquarie revealed that it had a record quarter thanks to its market-facing Commodities and Global Markets and Macquarie Capital businesses. Their combined profit contribution was up “substantially” on the prior corresponding period.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is up almost 3% to $12.50. This appears to have been driven by a broker note out of Ord Minnett. Its analysts upgraded this retailer’s shares to an accumulate rating with a $14.50 price target. The broker believes consumer trends are favourable for Super Retail at present, which could pose upside risk to estimates.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is up 6% to $12.12. Investors have been buying this banking and insurance giant’s shares following the release of its half year results. Suncorp reported a net profit after tax of $388 million. Although this was down 20.8% year on year, it was better than the market was expecting. According to a note out of Morgans, its analysts were expecting a first half net profit after tax of $300 million.
The post Why Flight Centre, Macquarie, Super Retail, and Suncorp shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- ‘On the way back’: Flight Centre (ASX:FLT) share price takes off on border reopening
- ASX retail shares have slumped in 2022. Could there be more pain to come?
- Macquarie (ASX:MQG) share price jumps after outperforming expectations and excitement over US$75tn opportunity
- ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress
- Suncorp (ASX:SUN) share price spikes after ‘strong underlying momentum’ in 2021
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 Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Macquarie Group 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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