The S&P/ASX 200 Index (ASX: XJO) is charging notably higher for a second day in a row. In afternoon trade, the benchmark index is up 0.9% to 7,471.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Catapult Group International Ltd (ASX: CAT)
The Catapult share price is up 7.5% to $1.19. Investors have been bidding this sports technology company's shares following the release of a strong first-quarter update this week. The team at Bell Potter was pleased with the update and has reiterated its buy rating with an improved price target of $1.35.
Insignia Financial Ltd (ASX: IFL)
The Insignia share price is up 7% to $2.93. This morning, this financial services company released a business update that revealed that it had a solid fourth quarter. In addition, the company announced the sale of its IOOF business to Australian Unity for up to $40 million.
Megaport Ltd (ASX: MP1)
The Megaport share price is up 14% to $10.61. This follows the release of the network as a service company's fourth-quarter update. Megaport reported a 39% increase in annual recurring revenue (ARR) over the prior corresponding period to $178.6 million. The company also revealed "transformational improvements in EBITDA and net cash flow."
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is up 8% to $6.51. Investors have been buying this copper miner's shares following the release of its fourth-quarter update. Sandfire revealed a 13% quarterly increase in production at its MATSA Copper Operations in Spain and annual production of 99kt. The latter was marginally ahead of its revised guidance. Looking ahead, management expects a big jump in production to 135kt in FY 2024.
