In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up a sizeable 1% to 6,843.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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Clover Corporation Limited (ASX: CLV)
The Clover share price has jumped 7% to $1.43. Investors have been buying the specialty ingredients company's shares following the release of its half year results. As expected, for the six months ended 31 January, Clover delivered a 21.7% reduction in total net sales revenue to $29.4 million. This soft result was primarily driven by difficult trading conditions caused by COVID-19 across the infant formula industry.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has stormed 5% higher to $14.89 after announcing an acquisition. The sports betting company is acquiring Banach Technology for US$43 million. Banach Technology is a Dublin-based provider of proprietary risk management platforms and quantitative driven trading models. These platforms and models support complex pre-game and in-play betting products across numerous sports.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price has climbed 3.5% to $1.20. Investors have been buying the graphite producer's shares after it revealed that it has restarted production at Balama less than a month after announcing plans to do so. This positions it ahead of schedule versus the expected lead time of two to three months for its first production.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has jumped 10% to $10.09. This gain appears to have been driven by a rebound in the tech sector and a broker note out of Morgan Stanley this morning. In respect to the latter, its analysts have initiated coverage on the online furniture and homewares retailer with an overweight rating and $14.00 price target. It believes the recent weakness in its share price is a buying opportunity.
