Why Brickworks, IDP Education, IGO, and New Hope shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) has rebounded strongly on Tuesday. In afternoon trade, the benchmark index is up 1.2% to 6,799.7 points.

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

Brickworks Limited (ASX: BKW)

The Brickworks share price is up 6% to $21.69. Investors have been buying the building materials company’s shares for a couple of reasons. One was the release of a strong result from a coal miner (see below) that Brickworks is a major shareholder of. In addition, this morning Morgans upgraded its shares to an add rating with a $23.00 price target.

IDP Education Ltd (ASX: IEL)

The IDP share price is up 2% to $28.19. This morning this language testing and student placement company announced a new acquisition. IDP has signed an agreement to acquire 100% of Intake Education for up to ~A$83 million. Intake is a leading student placement agency that has operations across Nigeria, Ghana, Kenya, Philippines, Thailand, Taiwan, India and the UK.

IGO Ltd (ASX: IGO)

The IGO share price is up almost 5% to $14.95. Investors have been buying this battery materials miner’s shares following the release of an update on one of its lithium operations. According to the release, an increasing number of pegmatite outcrops have been identified by field mapping across the 15km zone of pegmatite dykes at the Mt Alexander project in Western Australia.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up over 8% to $5.93. This morning this coal miner released its full year results and revealed a 143% increase in revenue to $2.55 billion and a massive 1,139% jump in net profit after tax to $983 million. This allowed the coal miner to declare a fully franked 31 cents per share final dividend and a 25 cents per share special dividend. Combined, this was an impressive 700% year over year increase from FY 2021’s 7 cents per share final dividend.

The post Why Brickworks, IDP Education, IGO, and New Hope 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(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here’s why the IGO share price is firing 5% on Tuesday
• Everything you need to know about the monster New Hope dividend
• Why is the Brickworks share price racing 6% higher today?
• Here’s why the IDP Education share price is charging higher
• New Hope share price leaps 8% as profit skyrockets

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 Brickworks and Idp Education Pty Ltd. The Motley Fool Australia has positions in and has recommended Brickworks. 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/w2Jgtuq