In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,396.1 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are racing higher:
Ampol Ltd (ASX: ALD)
The Ampol share price is up 4% to $29.74. Investors have been buying this fuel retailerâs shares following the release of a fourth quarter trading update. Ampol revealed that its fourth quarter group RCOP earnings before interest and tax is expected to be slightly ahead of the third quarter result.
Block Inc (ASX: SQ2)
The Block share price is up 3.5% to $106.41. This follows a strong session for the payments companyâs US listed shares on the NYSE overnight. This may have been driven by a broker note out of Barclays, which named Block as one of its best ideas for 2023.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price is up 3% to $48.01. This may have been driven by the release of a broker note out of Morgans. According to the note, the broker has retained its add rating with an improved $53.00 price target. Morgans said: âAlthough trading conditions will be more difficult in 2H23, we believe JBH is well placed to ride out the turbulence and deliver shareholder value over the medium-term.â
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is up 7% to $6.96. Investors have been buying this radiopharmaceuticals companyâs shares following the release of its quarterly update. Telix reported a 41% increase in quarterly revenue to $78.2 million, which led to the company generating positive free cash flow from operating activities.
The post Why Ampol, Block, JB Hi-Fi, and Telix shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- 2 ASX shares making big moves following quarterly updates
- Guess which ASX 200 biotech share saw revenue jump 41% last quarter
- 5 things to watch on the ASX 200 on Wednesday
- Top ASX value shares to buy in 2023
- Here’s why the JB Hi-Fi share price is smashing the ASX 200 today
Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool Australia has recommended Jb Hi-Fi. 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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