Why ARB, Flight Centre, HUB24, and Qantas shares are rising today

These shares are ending the week on positive notes…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.45% to 7,345 points.

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

ARB Corporation Limited (ASX: ARB)

The ARB share price is up 6% to $50.68. This morning the team at Citi upgraded this auto parts company’s shares to a buy rating with a $55.45 price target. The broker made the move in response to an update at ARB’s annual general meeting earlier this week. Citi was pleased with the positive start the company has made to FY 2022.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 4% to $22.55. Investors have been buying Flight Centre and other travel shares today after the New South Wales government announced plans to remove international travel restrictions from 1 November. Part of the plan will see NSW remove quarantine requirements for incoming travellers that have negative COVID tests.

HUB24 Ltd (ASX: HUB)

The HUB24 share price has risen a further 5% to $32.90. Investors have been buying this investment platform provider’s shares this week following the release of a strong first quarter update. One broker that was impressed was Morgans. In response, the broker retained its add rating and lifted its price target to $34.20. HUB24’s first quarter net inflows were stronger than the broker was expecting.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 2% to $5.70. As well as getting a boost from the NSW border reopening plans, this morning Qantas released an announcement of its own. Qantas has agreed to sell its surplus land in Mascot, New South Wales to strengthen its balance sheet and pay down debt. LOGOS Property Group will be acquiring the 13.8 hectares of land for $802 million.

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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. owns shares of and has recommended Hub24 Ltd. The Motley Fool Australia has recommended ARB Corporation Limited, Flight Centre Travel Group Limited, and Hub24 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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