Why Allkem, BrainChip, Data#3, and JB Hi-Fi shares are charging higher

These ASX shares are rising on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,423.4 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 4% to $11.80. This follows the release of the lithium miner’s second quarter update. According to the release, thanks to strong production and high prices, Allkem reported quarterly group revenue of approximately US$107 million and a group gross operating cash margin of US$70 million.

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price has jumped 20% to $1.78. Investors have been buying this artificial intelligence technology company’s shares after it revealed that it has begun taking orders for the first commercially available Mini PCIe board leveraging its Akida neural networking processor.

Data#3 Limited (ASX: DTL)

The Data#3 share price is up 14% to $6.63 following the release of its half year trading update. The leading IT services and solutions provider revealed that it expects its first half profit before tax to be slightly ahead of the top end of its $15 million to $18 million guidance range. This is expected to lead to earnings per share growth of 30% during the first half.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 7% to $50.03. This follows the release of a better than expected trading update from the retail giant. JB Hi-Fi recorded modest sales growth during the second quarter, which led to sales falling just 1.6% during the first half despite cycling a very strong prior period. On the bottom line, its first half net profit of $287.9 million was down 9.4% year on year but 12.4% ahead of the consensus estimate.

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Motley Fool contributor James Mickleboro owns Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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