In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. At the time of writing, the benchmark index is up 0.7% to 7,260.2 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:
CSL Limited (ASX: CSL)
The CSL share price has jumped 7.5% to $261.14. This follows the release of the biotherapeutics company’s half year results. CSL reported a 5.3% increase in revenue to US$6,041 million but a 5% constant currency decline in net profit after tax to US$1,722 million. However, an upgrade to its guidance for FY 2022 has gone down well with the market.
Liontown Resources Limited (ASX: LTR)
The Liontown share price has rocketed 18% higher to $1.64. Investors have been buying this lithium developer’s shares after it announced a five-year deal with Tesla. The auto giant has agreed to purchase 100,000 dry metric tonnes (dmt) lithium spodumene concentrate in year one and then 150,000 dmt per annum in the following four years from the Kathleen Valley Lithium Project in Western Australia.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is up 6% to $1.30. Thanks largely to strong growth in North America, this aerial imagery technology company reported a 28% increase in annual contract value (ACV) to $147.7 million during the first half. This led to Nearmap revealing that it now expects to hit the top end of its FY 2022 ACV guidance.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price has jumped 12% to $11.81. This follows the release of the wine giant’s half year results. While Treasury Wine reported a 10.1% decline in net sales revenue to $1,267 million and a 6.7% decline in EBITS to $262.4 million, management spoke positively about the future. It has advised that the company is now shifting its focus from “recovery and restructuring” to one of “growth and innovation.”
The post Why CSL, Liontown, Nearmap, and Treasury Wine shares are storming higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
- Liontown (ASX:LTR) share price rockets 16% today on Tesla lithium deal
- Cheers! Treasury Wine (ASX:TWE) share price jumps 13% on half year results
- Nearmap (ASX:NEA) share price jumps 8% on ‘exceptional result’
- CSL (ASX:CSL) delivers US$1.7bn half year profit and tips plasma collection rebound
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 CSL Ltd. and Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Treasury Wine Estates 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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