Why Adbri, Australian Ethical, JB Hi-Fi, and Wesfarmers shares are racing higher

These ASX shares are on form on Monday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is up 0.4% to 7,423.8 points.

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

Adbri Ltd (ASX: ABC)

The Adbri share price is up 7% to $2.98 after it announced an extension to its supply agreement with Alcoa. According to the release, Adbri’s subsidiary, Cockburn Cement, has secured an extension to its quicklime supply agreement for Alcoa’s operations in Western Australia. Adbri expects a minimum of $25 million in additional revenue from the extended supply.

Australian Ethical Investment Limited (ASX: AEF)

The Australian Ethical share price is up 3.5% to $11.15. This morning Australian Ethical released its funds under management (FUM) update which revealed a 6% increase to $6.94 billion since the end of September. This was driven by continued strong net flows together with a positive investment performance.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 3.5% to $46.64. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded the retail giant’s shares to an add rating with a price target of $54.00. It commented: “At the current share price, we believe JBH’s valuation looks compelling.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is up 3% to $55.52. This follows the release of a trading update this morning for the first half. That update reveals that the conglomerate expects to post a 12.5% to 16.5% decline in profits to between $1,180 million and $1,240 million driven by weakness in the Kmart Group due to COVID pressures. However, this was in line with consensus expectations.

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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 Australian Ethical Investment Ltd. The Motley Fool Australia owns and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Australian Ethical Investment 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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