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 0.4% to 7,092.3 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Coles Group Ltd (ASX: COL)
The Coles share price is up 3.5% to $16.40. This appears to have been driven partly by a broker note out of Citi this morning. According to the note, the broker has upgraded the supermarket giant’s shares to a buy rating with an $18.00 price target. The broker believes Coles has reached an inflection point in respect to its market share.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price has jumped 6% to $1.14. This also appears to have been driven by a broker note. This morning Bell Potter retained its buy rating on the nickel producer’s shares following its quarterly update. And while it has cut its price target to $1.56, this is still notably higher than where it trades today. Bell Potter notes that Nickel Mine’s aggressive growth outlook is intact.
Nitro Software Ltd (ASX: NTO)
The Nitro share price has stormed 8.5% higher to $3.20. This follows the release of the global document productivity software company’s first quarter update. According to the release, Nitro’s annual recurring revenue (ARR) grew 66% over the same period last year. This growth rate is well ahead of what is required to achieve its FY 2021 ARR guidance. Nitro is targeting ARR of between $39 million and $42 million, which represents year on year growth of 41% to 52%.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price has climbed 3.5% to $2.68. This morning the gold miner released its third quarter update and revealed production of 85,748 ounces of gold. While this was down 6.2% quarter on quarter, it has retained its FY 2021 guidance. Regis Resources continues to target full year production of 355,000–380,000 ounces at an all-in sustaining cost of A$1,230–A$1,300 per ounce.