Why Corp Travel, Domino’s, Kogan, & Zip shares are storming higher

Domino’s Pizza Enterprises Ltd (ASX:DMP) and Zip Co Ltd (ASX:Z1P) shares are two of four storming higher on Monday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a modest gain. At the time of writing, the benchmark index is up slightly to 7,032.7 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is up 4% to $20.18. Today’s gain appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded the corporate travel company’s shares to an outperform rating with a $20.75 price target. It made the move amid signs of a strong recovery in the US and ANZ markets.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s Pizza share price has risen 3% to $107.00. Once again, this gain appears to have been driven by a broker note. On this occasion, Citi has upgraded the pizza chain operator’s shares to a neutral rating and increased the price target on them materially to $104.20. Citi believes Domino’s could expand into several new European countries in the near future, extending the potential size of its network significantly.

Kogan.com Ltd (ASX: KGN)

The Kogan share price has jumped 10% to $9.56. This gain appears to have been driven by bargain hunters taking advantage of a sharp pullback on Friday following another bitterly disappointing result. In addition, short sellers could be buying back shares to close positions.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 2.5% to $7.21. This morning the buy now pay later (BNPL) provider announced its expansion into Europe and the Middle East. It will do this via the acquisition of European BNPL provider Twisto Payments and UAE-based BNPL provider Spotii. Zip had previously bought stakes in both companies. Management notes that the transactions align with Zip’s global expansion plans and the rapidly accelerating global BNPL 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 Kogan.com ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Kogan.com 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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