The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is charging higher. In afternoon trade, the benchmark index is up 0.7% to 7,048.1 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is up 12% to $4.19. Investors have been buying this food companyâs shares following the release of its full year results. This was despite the company reporting a 69% decline in net profit after tax to $24.2 million. Its guidance for a jump in EBITDA in FY 2023 appears to have impressed investors.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo share price is up 6% to $14.77. This morning the online lottery ticket seller released its full year results and reported a 25% increase in revenue to $104.3 million and a 14% lift in underlying net profit after tax to $32.2 million. This allowed the Jumbo board to increase its dividend by 16%.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 3.5% to $3.53. A number of lithium miners are pushing higher today despite there being no news out of them. However, a bullish broker note out of Macquarie earlier this week still appears to be front of mind. This has even offset a downgrade to neutral by Citi this morning.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 5.5% to $5.13. This morning the team at Credit Suisse responded to the airline operator’s full year results by upgrading its shares to an outperform rating with an improved price target of $5.65. Elsewhere Macquarie retained its outperform rating and lifted its price target to $7.05.
The post Why Bega Cheese, Jumbo, Pilbara Minerals, and Qantas shares are rising appeared first on The Motley Fool Australia.
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More reading
- Jumbo share price climbs following âstrong growth achieved in FY2022â
- Bega Cheese share price soars as net profit slides 69% year on year
- Is the Qantas share price a buy following the airline’s latest results?
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Thursday
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 Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive 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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