In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing, the benchmark index is up 1% to 6,834.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has stormed 6% higher to $50.56. This follows the release of the fund manager's latest funds under management update. According to the release, Magellan experienced net inflows of ~$223 million in January. This included net retail inflows of $85 million and net institutional inflows of $137 million.
News Corporation (ASX: NWS)
The News Corp share price has jumped 13% to $28.29 following the release of its second quarter update. Although the media giant's update revealed a 3% decline in second quarter revenue to US$2.48 billion, this didn't stop it delivering strong profit growth. News Corp reported quarterly net income of US$261 million, which is up from US$103 million a year earlier. This was its most profitable quarter since the new News Corp was launched more than seven years ago.
REA Group Limited (ASX: REA)
The REA Group share price is up 3% to $159.15 after delivering solid half year profit growth. According to the release, for the six months ended 31 December, the property listings company reported a 2% decline in revenue to $430.4 million. However, thanks to a 13% reduction in operating expenses, the company's net profit after tax increased 13% to $172.1 million.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has surged 8% higher to $10.97. This is despite there being no news out of the online furniture and homewares retailer. However, REA Group spoke positively about the Australian housing market in its update. This may have sparked hopes that it will support demand for Temple & Webster's products.
