In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end a difficult week on a positive note. At the time of writing, the benchmark index is up 0.2% to 7,003.2 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Adbri Ltd (ASX: ABC)
The Adbri share price is up 9% to $3.29. This follows the release of the building materials company’s full year results. For the 12 months, Adbri reported an 8% increase in revenue to $1.56 billion and a 25% jump in net profit after tax to $116.7 million. This was despite the company battling COVID-19 impacts during the period.
Appen Ltd (ASX: APX)
The Appen share price has rebounded from yesterday’s selloff with an 11% gain to $6.78. Investors may have been buying the artificial intelligence data services company’s shares after the team at Jefferies suggested its shares were great value. This morning the broker retained its buy rating with a trimmed price target of $12.00. This is notably higher than where its shares trade at today.
Block Inc CDI (ASX: SQ2)
The Block share price has rocketed 33% higher to $154.70. This follows the release of the payment giant’s full year results. For the 12 months, Block reported a gross profit of US$4.42 billion, which was up 62% year on year. Things were even better for its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), which increased 114% year-on-year to US$1.01 billion.
Life360 Inc (ASX: 360)
The Life360 share price is also rebounding from a savage selloff yesterday with a gain of 21% to $5.67. This morning the team at Bell Potter retained its buy rating but trimmed its price target to $10.00. The broker continues to forecast strong revenue growth in the coming years and appears to see yesterday’s selloff as a buying opportunity.
The post Why Adbri, Appen, Block, and Life360 shares are storming higher appeared first on The Motley Fool Australia.
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More reading
- Adbri (ASX:ABC) share price soars 9% amid higher profit in full-year earnings
- Here’s why the Appen (ASX:APX) share price is racing 14% higher today
- Back on the horse! ASX tech shares stage stunning comeback following sell-off
- Why is the Life360 (ASX:360) share price jumping 17% today?
- ASX 200 (ASX:XJO) midday update: Block rockets, Blackmores sinks
Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd and Block, Inc. 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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