Why Damstra, Flight Centre, IAG, and Pantoro shares are pushing higher

A kid and his grandad high five after a fun game of basketball.

A kid and his grandad high five after a fun game of basketball.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 6,787.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising today:

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price is up 16% to 22 cents. This follows the release of the integrated workplace management solutions provider’s fourth-quarter update. Damstra had its best quarter of the financial year, delivering revenue of $8 million. This underpinned a 25.2% half on half increase in revenue during the second half. Damstra also achieved its first quarter of positive operating cash flow.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up over 3% to $17.69. This morning the travel agent upgraded its guidance for FY 2022. Management revealed that a strong finish to the financial year means that it expects to record an underlying EBITDA loss of between $180 million and $190 million in FY 2022. This is an 11.9% improvement on the mid-point of the company’s initial FY 2022 guidance.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up almost 6% to $4.45. This appears to have been driven by the release of a number of broker notes that rate the insurance giant’s shares as a buy. One of those is Citi. Although the broker was disappointed with IAG’s FY 2022 update, it sees enough value to maintain a buy rating with a $5.10 price target.

Pantoro Ltd (ASX: PNR)

The Pantoro share price is up 3% to 18.5 cents. Investors have been buying this gold explorer’s shares following an update on drilling on stage two of the open pit plan at Green Lantern at the Norseman Project. Management advised that drilling continues to increase confidence in the ore geometry and controls on mineralisation.

The post Why Damstra, Flight Centre, IAG, and Pantoro shares are pushing higher appeared first on The Motley Fool Australia.

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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. has positions in and has recommended Damstra Holdings Ltd. The Motley Fool Australia has positions in and has recommended Insurance Australia Group Limited. The Motley Fool Australia has recommended Damstra Holdings Ltd and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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