In late morning trade, the S&P/ASX 200 Index (ASX: XJO) has given back most of its morning gains and is trading just a fraction higher. At the time of writing, the benchmark index is up slightly to 7,585.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are on fire:
Image source: Getty Images
GrainCorp Ltd (ASX: GNC)
The GrainCorp share price has jumped 13% to $6.20. Investors have been fighting to get hold of the integrated grain and edible oils company's shares after it upgraded its guidance. According to the release, GrainCorp now expects its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of $310 million to $330 million in FY 2021. This is up from its previous guidance of $255 million to $285 million. It is also a material increase on FY 2020's underlying EBITDA of $108 million.
Myer Holdings Ltd (ASX: MYR)
The Myer share price has stormed 8.5% higher to 51 cents. The catalyst for this was the release of a solid trading update by the department store operator. According to the release, Myer expects to report a 5.5% increase in sales to $2,658.3 million for FY 2021. This follows a 38.3% jump in second half sales compared to the prior corresponding period. This is expected to underpin a full year net profit after tax of $47 million to $50 million. In FY 2020 Myer posted a loss of $11.3 million.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price has jumped 8% to $12.52. This follows the release of a first half result which revealed strong gross written premium (GWP) and profit growth. QBE revealed GWP growth of 26.9% to US$10,203 million and an adjusted cash profit after tax of US$463 million. The latter compares to a US$66 million loss in the prior corresponding period.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up 3.5% to $3.97. Investors have been buying the telco giant's shares after it achieved its FY 2021 guidance, maintained its dividend, and announced a $1.35 billion on-market share buyback. Another big positive was management guiding to underlying EBITDA growth of 4.5% to 9% in FY 2022.
