Why ANZ, Next Science, Macmahon, and Pointsbet shares are racing higher

These ASX shares are having a good session on Thursday.

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Man pointing an upward line on a bar graph symbolising a rising share price.

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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 a fraction to 7,197.3 points.

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

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is up 1.5% to $23.76. This appears to have been driven by a bullish broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded the banking giant's shares to a buy rating with a price target of $27.38. Goldman also added its shares to its coveted conviction list.

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is up 19% to 15.5 cents. Investors have been buying this mining services company's shares following the release of a guidance update. Macmahon now expects revenue of approximately $1.9 billion and underlying operating earnings of between $113 million and $118 million. The latter is at the high end of its previous guidance range.

Next Science Ltd (ASX: NXS)

The Next Science share price is up 19% to 57 cents. This has been driven by the release of a market update from the medical technology company. It advised that it expects second-quarter product sales to come in above US$5.6 million (AU$8.5 million). That's up from US$4.4 million in the prior quarter.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is up a further 4.5% to $1.71. Investors have been buying this sports betting company's shares this week after it received an improved bid for its US operations. Fanatics has increased its offer to a headline cash consideration of US$225 million (~A$333 million). This compares to its previous offer of US$150 million and DraftKings' US$195 million bid.

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 Goldman Sachs Group, Next Science, and PointsBet. The Motley Fool Australia has no position in any of the stocks mentioned. 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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