In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.2% to 7,383.9 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is up 5% to $7.60. Investors have been buying the auto parts company’s shares after they were upgraded by a leading broker. According to a note out of Citi, its analysts have upgraded the company’s shares to a buy rating with an improved price target of $8.25. Citi made the move partly on valuation grounds following a sharp share price pullback in recent weeks.
Brickworks Limited (ASX: BKW)
The Brickworks share price is up over 2% to $24.97. This follows the release of the building products company’s full year results this morning. According to the release, Brickworks reported a 6% decline in revenue to $890 million but a 95% jump in underlying net profit after tax to $285 million. The latter was driven largely by its joint venture property trust with Goodman Group (ASX: GMG).
News Corp (ASX: NWS)
The News Corp share price has jumped 8% to $32.37. This gain appears to have been driven by a bullish broker note out of Goldman Sachs. According to the note, the broker has reiterated its conviction buy rating and $44.50 price target on its shares. This follows the media company’s 30th Annual Communacopia Conference.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up 3.5% to $27.73. This follows the release of the retail conglomerate’s full year results this morning. For the 12 months ended 31 July, Premier Investments reported an 18.7% increase in retail sales to $1,443.2 million and a 97% jump in statutory net profit after tax to $271.8 million. A key driver of this growth was the Peter Alexander brand, which reported very strong sales and profit growth.
The post Why Bapcor, Brickworks, News Corp, & Premier Investments are rising appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps
- Bapcor (ASX:BAP) share price zooms 7% higher on broker upgrade
- Brickworks (ASX:BKW) share price jumps as net profit soars by 95%
- Premier Investments (ASX:PMV) share price surges on FY21 results, NPAT up 97%
- 2 top ASX growth shares that could be buys
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. owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of and has recommended Bapcor and Brickworks. The Motley Fool Australia has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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