Why Boral, Carsales, Credit Corp, and PointsBet shares are racing higher

These ASX shares are racing higher on Tuesday…

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In afternoon trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a gain. At the time of writing, the benchmark index is up 0.3% to 6,989.3 points.

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

Boral Limited (ASX: BLD)

The Boral share price is up 6% to $6.24. This morning the building materials company announced a multibillion-dollar capital return for shareholders. According to the release, Boral intends to return $3 billion of surplus capital to shareholders. This will be via a $2.65 per share capital reduction and an unfranked 7 cents per share dividend.

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is up 2.5% to $22.53. This appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has upgraded the auto listings company’s shares to an outperform rating with a $25.80 price target. Credit Suisse is expecting a solid result from Carsales later this month.

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is up 3.5% to $35.07. This follows the release of its half year results which revealed a first half profit well ahead of expectations. Credit Corp posted an 8% increase in both first half revenue and net profit after tax to $203.9 million and $45.7 million, respectively. The latter compares to the market consensus estimate of $42.7 million.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 6% to $5.15. Investors have been buying this sports betting company’s shares following a strong night of trade for its peers on Wall Street and in response to a bullish broker note out of Goldman Sachs. According to the note, the broker has retained its buy rating but trimmed its price target on the company’s shares to $9.97. This target is almost double the current share price.

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and carsales.com Limited. 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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