The S&P/ASX 200 Index (ASX: XJO) has rebounded strongly on Tuesday. In afternoon trade, the benchmark index is up 1.2% to 6,799.7 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Image source: Getty Images
Brickworks Limited (ASX: BKW)
The Brickworks share price is up 6% to $21.69. Investors have been buying the building materials company's shares for a couple of reasons. One was the release of a strong result from a coal miner (see below) that Brickworks is a major shareholder of. In addition, this morning Morgans upgraded its shares to an add rating with a $23.00 price target.
IDP Education Ltd (ASX: IEL)
The IDP share price is up 2% to $28.19. This morning this language testing and student placement company announced a new acquisition. IDP has signed an agreement to acquire 100% of Intake Education for up to ~A$83 million. Intake is a leading student placement agency that has operations across Nigeria, Ghana, Kenya, Philippines, Thailand, Taiwan, India and the UK.
IGO Ltd (ASX: IGO)
The IGO share price is up almost 5% to $14.95. Investors have been buying this battery materials miner's shares following the release of an update on one of its lithium operations. According to the release, an increasing number of pegmatite outcrops have been identified by field mapping across the 15km zone of pegmatite dykes at the Mt Alexander project in Western Australia.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is up over 8% to $5.93. This morning this coal miner released its full year results and revealed a 143% increase in revenue to $2.55 billion and a massive 1,139% jump in net profit after tax to $983 million. This allowed the coal miner to declare a fully franked 31 cents per share final dividend and a 25 cents per share special dividend. Combined, this was an impressive 700% year over year increase from FY 2021's 7 cents per share final dividend.
