In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s decline. At the time of writing, the benchmark index is up 0.95% to 6,843.1 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up 8.5% to $17.74. This follows the release of the travel agent giant’s half year results this morning. For the six months ended 31 December, total group revenue came in at $160 million. This was down materially from the $1,546 million it achieved at the same time last year. This led to Flight Centre recording an underlying loss of $247 million for the half. Positively, despite this decline, at the end of the period the company had a cash balance of $1,670 million.
Life360 Inc (ASX: 360)
The Life360 share price is up a massive 21% to $4.80. Investors have been buying the family social networking app provider’s shares after it reported a 39% year-on-year increase in normalised revenue to US$81.6 million. This was at the upper end of its guidance range of US$79 million to US$82 million. At the end of the period, the app recorded 26.5 million monthly active users. This was near pre-COVID levels of 27.2 million.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price has jumped 10% to $6.11. The catalyst for this appears to be the release of a broker note out of Morgans this morning. According to the note, the broker has upgraded the infection prevention company’s shares to an add rating with a $6.69 price target. It made the move largely on valuation grounds after a recent decline in its share price.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price has surged 10% higher to $6.69. This has been driven by the release of an impressive half year result this morning. For the six months ended 31 December, Universal Store reported a 23.3% increase in sales to $118 million and a 63.6% increase in underlying net profit after tax to $21.1 million.