Why Clover, PointsBet, Syrah, & Temple & Webster shares are racing higher

PointsBet Holdings Ltd (ASX:PBH) and Temple & Webster Group Ltd (ASX:TPW) are two of four ASX shares racing higher today…

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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:

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.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Clover Limited, Pointsbet Holdings Ltd, and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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