Why Allkem, Block, Bowen Coking Coal, and CSR shares are racing higher

These ASX shares are ending the week strongly…

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a gain. In afternoon trade, the benchmark index is up 0.25% to 6,876.1 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 6.5% to $15.01. This appears to have been driven by a strong night for lithium shares on Wall Street after investors responded positively to Albemarle's quarterly update. The world's largest lithium producer delivered a result ahead of expectations thanks to strong demand and pricing for the battery making ingredient.

Block Inc (ASX: SQ2)

The Block share price has jumped almost 12% to $97.62. Investors have been buying this payments company's shares after it released a strong quarterly update. For the three months ended 30 September, Block recorded total net revenue of US$4.52 billion for the period. This was up 17% over the prior corresponding period and ahead of the consensus estimate of US$4.47 billion.

Bowen Coking Coal Ltd (ASX: BCB)

The Bowen Coking Coal share price is up 9% to 30 cents. This morning analysts at Morgans retained their speculative add rating with a 48 cents price target. The broker sees the current quarter "as a defining catalyst as investors await positive operating cashflow."

CSR Limited (ASX: CSR)

The CSR share price is up 4.5% to $4.74. This follows the release of the building products company's half year results this morning. CSR reported a net profit after tax (before significant items) of $110 million, up 27% over the prior corresponding period. CSR's key Building Products segment delivered a 15% increase in earnings. Management advised that this reflects good execution across end markets, price discipline, and cost management.

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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