Why AMP, Hipages, Pilbara Minerals, and Webjet shares are storming higher

These ASX shares are ending the week strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week with a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,433.4 points.

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

AMP Ltd (ASX: AMP)

The AMP share price has jumped 7% to $1.01. Investors have been buying this financial services company’s shares after it announced a divestment from its private markets business, PrivateMarketsCo. AMP has entered into a binding agreement to sell its infrastructure debt platform to Ares Holdings for a total cash consideration of $428 million. The agreement follows PrivateMarketsCo’s strategic decision to focus on managing equity investments in real estate and infrastructure.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price has surged 7% higher to $3.88. This is despite there being no news out of the tradie marketplace provider. However, it is worth noting that earlier this month Goldman Sachs reiterated its buy rating and lifted its price target on the company’s shares to $5.15.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 5% to $2.95. Investors have been buying this lithium miner’s shares over the last few trading sessions following a bullish broker note out of Macquarie. That note reveals that the broker is expecting lithium prices to remain at record levels for the next four years. In response, Macquarie has retained its outperform rating and lifted its price target to $3.70.

Webjet Limited (ASX: WEB)

The Webjet share price is up 2.5% to $5.33. This appears to have been driven by news that Australians will be eligible to receive a COVID-19 booster shot four months after their second vaccine from January 4. This waiting period will be narrowed to just three months at the end of January. This could be a boost to travel markets if it helps control the latest outbreak.

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 and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. and Webjet 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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