Why Corporate Travel, Kogan, Pointsbet, and Syrah shares are climbing today

These ASX shares are having strong sessions on Wednesday.

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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.

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 Corporate Travel Management, Kogan.com, and PointsBet. The Motley Fool Australia has recommended Corporate Travel Management and Kogan.com. 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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