In afternoon trade, 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 1.8% to 6,762.7 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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Iluka Resources Limited (ASX: ILU)
The Iluka share price is up 8% to $9.30. Investors have been buying this minerals sands producer's shares following the release of its second quarter update and first half update. For the first half of FY 2022, the company sold 421,000 tonnes of zircon, rutile, and synthetic rutile. While this was lower than the second half of FY 2021, stronger prices meant that revenue still jumped 29% half on half.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price is up 4% to $43.52. This appears to have been driven partly by a bullish broker note out of Citi this morning. According to the note, the broker has upgraded JB Hi-Fi's shares to a buy rating with a $47.00 price target. This follows the release of a fourth quarter update on Tuesday that was well ahead of the broker's expectations.
Megaport Ltd (ASX: MP1)
The Megaport share price has jumped 20% to $7.77. Investors have been buying this network-as-a-service provider's shares following the release of a strong quarterly update. According to the release, Megaport reported a 13% increase in monthly recurring revenue (MRR) to $10.7 million and its first quarterly operating profit of $1 million.
Zip Co Ltd (ASX: ZIP)
The Zip share price has surged 10% higher to 65 cents. This is despite there being no news out of the buy now pay later (BNPL) provider. However, it is worth noting that the tech sector is booming on Wednesday following a strong night of trade on Wall Street's NASDAQ index. This saw rival BNPL provider Affirm jump 9% during overnight trade.
