Why BlueBet, James Hardie, Megaport, & Novonix shares are racing higher

These ASX shares are on form on Tuesday…

| More on:
Happy child jumping for joy.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,541.9 points.

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

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price is up 6.5% to $2.03. Investors have been buying the sports betting company's shares after it signed an exclusive agreement with the Colorado River Indian Tribes (CRIT) and its wholly-owned subsidiary, BlueWater Resort and Casino. The agreement will see the parties pursue online sports betting market access in the state of Arizona.

James Hardie Industries plc (ASX: JHX)

The James Hardie share price is up 4% to $49.87. The catalyst for this was the release of a strong first quarter result from the building materials company. According to the release, James Hardie delivered a 35% increase in quarter sales over the prior corresponding period to US$843.3 million. And thanks to margin expansion, its net income was up 50% to US$134.2 million. This strong start to the year led to management upgrading full year net income guidance.

Megaport Ltd (ASX: MP1)

The Megaport share price has climbed almost 4% to $18.02. This follows the release of the network as a service (NaaS) solutions provider's full year results. For the 12 months ended 30 June, Megaport reported a 35% increase in revenue to $78.28 million. Also growing strongly was its monthly recurring revenue (MRR), which increased 32% year on year to $7.5 million. This annualises to $90 million. Megaport also announced the US$15 million acquisition of InnovoEdge. It is an AI-powered multi-cloud and edge application orchestration company.

Novonix Ltd (ASX: NVX)

The Novonix share price has jumped 16.5% to $3.52. Investors have been fighting to get hold of the lithium-ion battery tech company's shares after United States energy giant Phillips 66 made a strategic investment in the company. Phillips 66 will have a 16% stake in the company following the transaction.

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. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 managed a gain today, but only just.

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Evolution Mining, Macquarie, Ramsay, and SGH shares are pushing higher today

These shares are having a good session on Tuesday. Let's see what is getting investors excited.

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough start to the trading week this Monday.

Read more »

A steel worker peers out from under his protective headwear which is tipped back on his head as he stares solemnly straight ahead with steel production equipment in the background.
Share Gainers

Why is everyone talking about BlueScope Steel shares on Monday?

It seems Trump's tariffs have winners as well as losers...

Read more »

Two lab workers fist pump each other.
Healthcare Shares

Guess which ASX 300 healthcare stock just rocketed 20% on BIG earnings growth

Investors are piling into the ASX 300 healthcare stock on Monday. But why?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Ansell, GQG, Mayne Pharma, and Star shares are charging higher today

These shares are starting the week on a positive note. But why?

Read more »

People sit in rollercoaster seats with expressions of fear, terror and exhilaration as it goes into a steep downward descent representing the Novonix share price in FY22
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the trading week this Friday.

Read more »

Siblings jumping on a trampoline.
Share Gainers

These 3 ASX 200 stocks are charging higher this week. Own any?

Investors have been piling into these ASX 200 stocks this week. But why?

Read more »