Why a2 Milk, Airtasker, IRESS, & Regis shares are charging higher

These ASX shares are charging higher on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s decline and is on course to record a solid gain. The benchmark index is currently up 0.45% to 7,413.6 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 3% to $6.14. This gain appears to have been driven by a broker note out of UBS this morning. Its analysts believe the recent selloff of its shares due to regulatory concerns in China has been an overreaction. It is comfortable that the company’s China-label relicensing program is on track and has reiterated its buy rating.

Airtasker Ltd (ASX: ART)

The Airtasker share price has risen 6% to $1.02 following the release of its fourth quarter and full year update. According to the release, the company reported full year gross marketplace volume (GMV) of $153.1 million, exceeding its prospectus forecast of $143.7 million. Also outperforming forecasts was its statutory cash flow from operating activities, which came in at $5.5 million. This compares to its prospectus forecast of $0.1 million.

IRESS Ltd (ASX: IRE)

The IRESS share price has jumped 14% to $14.30. This morning the financial technology company announced the receipt of another takeover approach. According to the release, EQT Fund Management has made a confidential, unsolicited, non-binding and indicative proposal to acquire IRESS for between $15.30 and $15.50 cash per share. This represents a 22.3% to 23.9% premium to the IRESS share price at yesterday’s close. Last month IRESS rejected a $14.80 per share proposal from EQT.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has stormed 7% higher to $2.66. Investors have been buying this gold miner’s shares following the release of its fourth quarter update. That update revealed quarterly gold production of 114,145 ounces, bringing its full year production to 372,870 ounces with an AISC of $1,373 per ounce. Looking ahead, management expects gold production to increase to 460,000 to 515,000 ounces with a lower AISC of $1,290 to $1,365 per ounce in FY 2022.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has recommended A2 Milk. 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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