Why Block, Lake, Mirvac, and QBE shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and stormed higher. At the time of writing, the benchmark index is up 0.9% to 7,056.9 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Block Inc (ASX: SQ2)

The Block share price is up almost 9% to $126.67. This is despite there being no news out of the payments company today. However, it is worth noting that its shares were on fire in the US overnight after the tech sector launched higher following softer than expected inflation data. The S&P/ASX All Technology Index is up 2.2% today.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has jumped 14% to $1.51. A number of lithium shares are racing higher today after the softer inflation data boosted investor sentiment, particularly in higher risk assets. In addition, with Lake currently one of the most shorted ASX shares, it appears that a short squeeze could be occurring this afternoon.

Mirvac Group (ASX: MGR)

The Mirvac share price is up 3.5% to $2.16. This morning the property company delivered a full year result ahead of guidance. Mirvac reported an 8% increase in operating profit after tax to $596 million. This allowed the company to lift its full year distribution by 3% to 10.2 cents per share.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is up 3% to $12.53. Investors have been buying this insurance giant’s shares after its half year results release. Although QBE reported a sharp decline in its profits, investors appear to be focusing more on its strong gross written premium growth, which rose 13.78% over the prior corresponding period.

The post Why Block, Lake, Mirvac, and QBE shares are racing higher appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why are ASX 200 tech shares flying higher on Thursday?
• Why has the Block share price exploded 9% on the ASX today?
• QBE share price lifts despite $840 million income hit
• Why is the Lake Resources share price up so much more than other ASX lithium shares today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/7cBsuhk