Why BlueScope, Carsales, Core Lithium, and Nearmap shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is on course to record a solid gain. In afternoon trade, the benchmark index is up 0.% to 7,069.4 points.

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

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is up 5.5% to $17.82. Investors have been buying this steel producer’s shares after the release of its FY 2022 results. For the 12 months ended 30 June, BlueScope reported a 135% increase in net profit after tax to a record of $2.81 billion. This was driven by favourable steel spreads.

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is up 5.5% to $22.87 after the auto listings company’s full year results impressed. Carsales reported a 27% increase in adjusted net profit after tax to $195 million for FY 2022. This was at the upper end of the company’s guidance range.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 10% to $1.62. This morning this lithium developer released an update on its exploration activities. Core revealed that its 40,000m reverse circulation drilling program is now underway and a pipeline of existing and new targets at the Finniss Project are to be tested. Management also revealed that high grade lithium rock chip results were received from Anningie-Barrow Creek Project.

Nearmap Ltd (ASX: NEA)

The Nearmap share price has jumped 23% to $1.87. This morning the aerial imagery company announced that it has received a non-binding takeover offer from Thoma Bravo. The private equity firm has tabled a $2.10 per share offer, which values Nearmap at approximately $1 billion. Due diligence has been granted so Thoma Bravo can explore whether a definitive transaction can be agreed.

The post Why BlueScope, Carsales, Core Lithium, and Nearmap shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Why are ASX lithium shares having such a cracking start to the week?
• Why is the Liontown share price leaping 5% on Monday?
• Bluescope share price lifts 5% on record earnings
• Carsales share price launches 5% as profit lifts to $161m
• Here’s why the Core Lithium share price is soaring 10% on Monday

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 Nearmap Ltd. The Motley Fool Australia has positions in and has recommended Nearmap Ltd. The Motley Fool Australia has recommended carsales.com 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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