The S&P/ASX 200 Index (ASX: XJO) is on form again on Monday. At the time of writing, the benchmark index is up 0.5% to 7,818.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is up almost 10% to $2.96. This appears to have been driven by the release of a broker note out of Bell Potter. According to the note, the broker has upgraded the regenerative medicine company's shares to a speculative buy rating with an improved price target of $3.60. This follows the release of a quarterly update that impressed the broker and showed all metrics heading in the right direction. Avita's quarterly revenue increased strongly and its losses reduced nicely. Another highlight was that the company has made good progress in respect to its growing footprint, with a large number of hospital accounts opened in the quarter and even more in negotiations. And with management guiding to more strong revenue growth in the third quarter, Bell Potter is feeling upbeat.
CAR Group Limited (ASX: CAR)
The CAR Group share price is up 5% to $35.31. This follows the release of the auto listings company's full year results. The carsales.com.au operator reported a 41% increase in revenue to $1.1 billion but a sharp decline in profit to $250 million. However, its 61% year on year decrease in profits was due to the recognition of a $487 million gain on its acquisition of Trader Interactive and webmotors. Adjusted net profit was up 24% to $344 million. Looking ahead, management expects to deliver "good growth" in revenue and profits in FY 2025 in constant currency.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is up 5.5% to $10.33. This morning, this computer hardware and software wholesaler announced its latest quarterly dividend. Dicker Data has declared an 11 cents per share fully franked dividend, which is up 10% on the prior corresponding period. Its shares will go ex-dividend on 15 August. After which, it has a pay date of 2 September. Investors may be interpreting this dividend increase as a sign that the company is performing strongly.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is up 8% to $72.61. This follows the release of the retail giant's full year results this morning. Although JB Hi-Fi posted a 0.4% decline in sales to $9.59 billion and a 16.4% decline in net profit to $438.8 million, this was ahead of the market's expectations. Also getting investors excited was news of an acquisition, a special dividend, and a strong start to FY 2025. Total sales for JB Hi-Fi Australia were up 5.6% in July.
