Why BrainChip, Crown, Objective, and South32 shares are racing higher

These ASX shares are making their shareholders happy today…

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A happy man and woman sit having a coffee in a cafe while she holds up her phone to show him the ASX shares that did best today

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. At the time of writing, the benchmark index is up 0.6% to 7,483 points.

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

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price is up 15% to $1.37. Investors have been buying this artificial intelligence technology company’s shares in 2022 amid excitement over the use of its Akida chip in a Mercedes concept car. Though, it is worth noting that management didn’t deem this news material enough to warrant an ASX announcement.

Crown Resorts Ltd (ASX: CWN)

The Crown share price is up 8% to $12.58. This follows the receipt of an improved takeover offer from Blackstone. The private equity firm has lifted its offer from $12.50 cash per share to $13.10 cash per share. The good news for Blackstone is that the Crown Board believe this offer would be acceptable if it became binding. The previous offer did “not represent compelling value for Crown shareholders.”

Objective Corporation Limited (ASX: OCL)

The Objective share price is up 5.5% to $17.87 following the release of a trading update from the software company. According to the release, the company expects to report revenue of $52.7 million and EBITDA of $15.1 million for the first half of FY 2022. This represents an increase of 13.3% and 28%, respectively, over the prior corresponding period.

South32 Ltd (ASX: S32)

The South32 share price is up 4.5% to $4.27. This morning analysts at Goldman Sachs retained their conviction buy rating and lifted their price target to $4.70. The broker likes South32 due to its exposure to base metals such as aluminium and alumina. Goldman is bullish on aluminium on a multi-year view.

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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 and has recommended Objective Corporation Limited. The Motley Fool Australia has no position in any of the stocks mentioned. 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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