In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,346.6 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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Australian Clinical Labs Ltd (ASX: ACL)
The Australian Clinical Labs share price is up a sizeable 11% to $5.56. This morning the pathology services provider upgraded its earnings guidance for the first half. Thanks largely to strong demand for COVID-19 testing, Australian Clinical Labs' net profit after tax (NPAT) is expected to come in at between $116.3 million and $128 million during the half. At the mid-point, this represents a 35% increase over its previous first half NPAT guidance of $86.3 million to $94.9 million.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 3% to $20.27. Investors may have been buying this fund manager's shares on the belief that they were oversold on Monday after a 30% decline following the loss of a major contract. Alternatively, short sellers could be buying shares to close out their positions.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is up 4% to $6.36. This morning analysts at UBS slapped a buy rating and $8.00 price target on this copper producer's shares. The broker is a fan of Sandfire's acquisition of MATSA and sees a pathway for the company to achieve copper production of greater than 150kt per annum.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has jumped 8% to $8.02. This morning Bell Potter retained its speculative buy rating and lifted its price target on this biopharmaceutical company's shares to $9.65. The broker made the move in response to Telix gaining US FDA approval for its Illuccix product. Bell Potter notes that this puts the company in a position to launch the product in the US next month.
