In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.25% to 7,437 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Challenger Ltd (ASX: CGF)
The Challenger share price is up 5% to $7.65. Investors have been buying this annuities company's shares following the release of its half year results. Challenger reported a 5% increase in normalised profit before tax to $250 million. This allowed the company to increase its interim dividend by 4% to 12 cents per share.
SG Fleet Group Ltd (ASX: SGF)
The SG Fleet share price is up 10% to $2.29. This morning, this fleet management company reported a 16% lift in revenue to $178.4 million and a 41% jump in half year profit to $41.9 million. Management commented: "We have demonstrated the strength of our competitive position and our ability to turn the steady stream of new business opportunities into further customers wins and vehicle orders."
Sims Ltd (ASX: SGM)
The Sims share price is up 8% to $15.91. The catalyst for this has been the release of the scrap metal company's half year results. Sims reported a 10% decline in revenue and a whopping 80% decline in underlying net profit after tax. However, investors appear to have been expecting even worse.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 5% to $5.69. This appears to have been driven by a bullish broker note out of Citi. According to the note, the broker has upgraded this retailer's shares to a buy rating with a $6.00 price target. Citi believes consensus estimates are too low.
