Why Fletcher Building, Johns Lyng, Pilbara Minerals, and Zip shares are charging higher

These shares are having a strong session on hump day. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 8,597.5 points.

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

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

Image source: Getty Images

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is up 8.5% to $3.04. This morning, this building materials company revealed that following the announcement of its strategic review, it has received ongoing inbound inquiries from parties interested in its businesses. This includes its Construction Division. However, management notes that no decisions have been made to sell any of its businesses. It plans to make an announcement with details of the outcomes of the strategic review later this month at its Investor Day on 24 June.

Johns Lyng Group Ltd (ASX: JLG)

The Johns Lyng share price is up 19% to $3.02. Investors have been buying this building and restoration services company's shares after it confirmed the receipt of a takeover offer. Johns Lyng advised that last month it received a non-binding indicative proposal from Pacific Equity Partners (PEP) to acquire 100% of the issued shares of the company by way of a scheme of arrangement. The company has not revealed the value of the offer, but it has granted due diligence to PEP.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 5% to $1.42. This follows the announcement of a significant upgrade to the mineral resource at its 100%-owned Pilgangoora Operation in Western Australia. According to the release, its latest drilling efforts have delivered a 23% increase in contained lithium across its Measured, Indicated and Inferred resources. Importantly, this has been achieved with a higher average grade. Pilbara Minerals CEO, Dale Henderson, said: "The significant uplift in the Mineral Resource reaffirms our 100% owned Pilgangoora Operation as one of the world's largest and highest-quality hard rock lithium assets."

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 15% to $2.68. This has been driven by the release of a guidance update from the buy now pay later provider. Zip revealed that it expects to deliver cash earnings before tax and depreciation (EBTDA) of at least $160 million for the full year. That's up from its prior guidance of at least $153 million. Zip's CEO, Cynthia Scott, said: "Zip's momentum has continued throughout May, particularly in the US where TTV has continued to grow above 40% year on year, reflecting the resilience of our business model and disciplined execution of our strategy."

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 Zip Co. The Motley Fool Australia has recommended Johns Lyng Group. 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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