Why Allkem, Domino’s, Qantas, and Uniti shares are racing higher

These ASX shares are racing higher on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week in a positive fashion. At the time of writing, the benchmark index is up 0.6% to 7,525.7 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 2% to $13.52. Investors have been buying this lithium miner’s shares following the release of its third quarter update. According to the release, Allkem’s Mt Cattlin and Olaroz operations delivered record revenue for the quarter. This led to Allkem reporting quarterly group revenue of US$235 million and group gross operating cash margin of US$189 million.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is up 2% to $81.34. This morning the team at Morgans retained its add rating but lowered its price target on this pizza chain operator’s shares to $100. While the broker expects inflationary pressures to weigh on its margins, it sees more than enough value in its shares to recommend it as a buy.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 8% to $5.49. This appears to have been driven by comments out of Delta Airlines in the US overnight. Although the airline operator posted a loss for the first quarter, it spoke very positively about its outlook. This has given a lift to travel stocks across the globe.

Uniti Group Ltd (ASX: UWL)

The Uniti share price is up 3% to $4.97. This morning the telco announced that it has entered into a binding scheme implementation deed with the Morrison/Brookfield Consortium. This will see the consortium acquire Uniti for a cash consideration of $5.00 per share less any dividends declared or paid after today.

Motley Fool contributor James Mickleboro owns ALlkem 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 recommended Dominos Pizza Enterprises Limited and Uniti Group 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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