Why Altium, Pendal, Terracom, and Webjet shares are pushing higher

These ASX shares are pushing higher…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.1% to 7,129 points.

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

Altium Limited (ASX: ALU)

The Altium share price is up 4% to $38.02. This follows the release of the electronic design software company's annual general meeting update. At the event, Altium reaffirmed its guidance for FY 2023. Management said: "We expect total revenue to be between $255 and $265 million USD, with both our PCB software business and cloud platform business growing nicely. And, we expect underlying EBITDA margin to be between 35 and 37% for the full year in FY23."

Pendal Group Ltd (ASX: PDL)

The Pendal share price is up 10% to $4.91. This follows news that the courts are pressuring Perpetual Limited (ASX: PPT) to complete its acquisition of the rival fund manager. Perpetual's shares have sunk on the news. This is because this action is likely to scupper its own potential takeover by a consortium comprising BPEA Private Equity Fund VIII and Regal Partners.

Terracom Ltd (ASX: TER)

The Terracom share price is up 8% to 90.5 cents. This morning this coal miner announced that its board has declared a fully franked dividend of 10 cents per fully paid ordinary share for the quarter ended 30 September. This comprises an ordinary dividend of 7.5 cents per share and a special dividend of 2.5 cents per share.

Webjet Limited (ASX: WEB)

The Webjet share price is up 11% to $6.24. Investors have been buying this online travel agent's shares following the release of a strong first half update. Webjet reported a 223% increase in TTV to $2,143 million and a 217% jump in revenue to $175.7 million. On the bottom line, the company delivered an underlying net profit after tax of $32 million, up from a loss of $29.2 million a year earlier.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium. The Motley Fool Australia has recommended Webjet Ltd. 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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