Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher

Inghams Group Ltd (ASX:ING) and Rio Tinto Limited (ASX:RIO) shares are two of four charging notably higher on Friday…

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.15% to 7,176.9 points.

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

Inghams Group Ltd (ASX: ING)

The Inghams share price has jumped 9.5% to $3.44. Investors have been fighting to get hold of the poultry producer’s shares after it provided FY 2021 guidance well-ahead of the market’s expectations. For the 12 months ending 25 June, Inghams is forecasting statutory EBITDA of $438 million to $448 million and statutory net profit after tax of $80 million to $87 million. This has been driven by the benefits derived from operational efficiencies implemented throughout the year and improved trading conditions.

Latitude Group Holdings Ltd (ASX: LFS)

The Latitude share price is up 3.5% to $2.53. This follows the release of a market update. The instalments and lending company revealed that its loan volumes for the six months ending 30 June 2021 are expected to come in at $3.7 billion. This will be an increase of 7% on the prior corresponding period. Management expects this to lead to a first half net profit after tax of between $115 million and $120 million.

Rio Tinto Limited (ASX: RIO)

The Rio Tinto share price is up 3% to $123.74. This follows a similarly strong gain by its London-listed shares during overnight trade. Strong economic data appears to have given the resources sector a major lift today. At the time of writing, the S&P/ASX 200 Resources index is up 2.4%.

Tabcorp Holdings Limited (ASX: TAH)

The Tabcorp share price is up 2.5% to $5.19. The catalyst for this was news that BetMakers Technology Group Ltd (ASX: BET) has made a $4 billion offer to acquire Tabcorp’s Wagering and Media operations. The offer comprises $1 billion in cash and $3 billion in BetMakers shares. BetMakers believes the proposal would bring together two highly complementary businesses to create a competitive global wagering and technology platform with scalable operations across both B2B and B2C markets.

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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 Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology 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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