In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.4% to 7,484.7 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Block Inc (ASX: SQ2)
The Block share price is up over 6% to $115.46. Investors have been buying Blockâs ASX listed shares today in response to a strong gain by its NYSE listed shares overnight. US tech stocks started the week very strongly, driving the NASDAQ index 2% higher on Monday nightâs session.
Codan Limited (ASX: CDA)
The Codan share price is up 19% to $5.25. This follows the release of a trading update from the metal detector and communications company. That update reveals that it expects to hit the high end of its first half revenue guidance range of $200 million to $215 million. Even better, though, management expects to deliver a first half net profit approaching $31 million, which is ahead of its guidance range of $25 million to $30 million.
Latin Resources Ltd (ASX: LRS)
The Latin Resources share price is up 6% to 12.7 cents. Investors have been buying this lithium explorerâs shares following an update on its Salinas Lithium Project in Brazil. According to the release, the latest assay results received from diamond drilling at the Colina West prospect confirm that it represents an exceptional resource growth opportunity.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is up 5% to 89.2 cents. This follows the release of a strong trading update from the department store operator this morning. For the five months to December 31, Myer delivered total sales growth of 24.8%. In light of this, the company is expecting to deliver first half profit of $61 million to $66 million. The latter will be double last year’s half year profit.
The post Why Block, Codan, Latin Resources, and Myer shares are storming higher appeared first on The Motley Fool Australia.
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More reading
- Why is this ASX 300 tech share soaring 19% today?
- Why is the Block share price surging 6% on Tuesday?
- Myer share price leaps 6% amid supercharged sales
- Could this ASX 300 share offer a once-in-a-lifetime chance to triple my money?
- Here are the top 10 ASX 200 shares today
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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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