Why GrainCorp, PointsBet, Weebit Nano, and Westpac shares are racing higher

These ASX shares are on form on Tuesday…

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In afternoon, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.3% to 6,515.6 points.

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

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price is up 4% to $9.47. Investors have been buying this grain exporter’s shares following the release of its investor day update. That update reveals that the company has reaffirmed its FY 2022 operating profit guidance of $590 million to $670 million.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up a further 10% to $2.80. This sports betting company’s shares have been on fire this week amid news of a strategic investment from SIG Sports Investment Corp (SIG). It has injected $94.16 million to become the company’s largest shareholder. Goldman Sachs sees positives from the investment, noting that it should alleviate balance sheet concerns. Its analysts have a buy rating and $5.78 price target on PointsBet’s shares.

Weebit Nano Ltd (ASX: WBT)

The Weebit share price is up 10% to $2.16. This morning the memory technology company revealed that it will be holding the first public demonstration of its ReRAM IP module later today in France. The interactive presentation will demonstrate its Weebit ReRAM functioning as a non-volatile memory block.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up almost 3% to $19.73. This follows solid gains by all of the big four banks on Tuesday. In addition, Westpac’s shares were given a boost from a note out of Morgan Stanley. Its analysts have reiterated their overweight rating this morning. This makes Westpac the only big four bank the broker rates as a buy.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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