In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from an earlier decline and is in positive territory. At the time of writing, the benchmark index is up 0.1% to 6,864.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel share price is up 3.5% to $17.03. This morning, this corporate travel specialist announced a $100 million share buy-back and released a trading update. The latter revealed that first-quarter revenue increased 36% to $187.9 million and underlying EBITDA lifted 157.3% to $56.6 million.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 7% to $4.79. This follows the release of a quarterly update from the e-commerce company. Kogan reported a 6.5% decline in gross sales to $189.2 million but a 19.5% lift in gross profit to $37.4 million. On the bottom line, Kogan's earnings before interest and tax (EBIT) increased $16.6 million to $2.8 million.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is up 5.5% to 76 cents. Investors have been buying this sports betting company's shares after it released a quarterly update. PointsBet revealed that its total net win improved 18% over the prior corresponding period to $58.2 million. Management also reiterated its FY 2024 guidance for total net win to be 10% to 20% higher year on year and gross EBITDA to be at or close to breakeven from April 2024.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 9% to 76.7 cents. This appears to have been driven by investors piling into ASX graphite shares this week after China revealed plans to curb exports of the battery-making ingredient. Syrah's shares are now up almost 80% since this time last week.
