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Why BlueBet, James Hardie, Megaport, & Novonix shares are racing higher

These ASX shares are on form on Tuesday…
The post Why BlueBet, James Hardie, Megaport, & Novonix shares are racing higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,541.9 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price is up 6.5% to $2.03. Investors have been buying the sports betting company’s shares after it signed an exclusive agreement with the Colorado River Indian Tribes (CRIT) and its wholly-owned subsidiary, BlueWater Resort and Casino. The agreement will see the parties pursue online sports betting market access in the state of Arizona.

James Hardie Industries plc (ASX: JHX)

The James Hardie share price is up 4% to $49.87. The catalyst for this was the release of a strong first quarter result from the building materials company. According to the release, James Hardie delivered a 35% increase in quarter sales over the prior corresponding period to US$843.3 million. And thanks to margin expansion, its net income was up 50% to US$134.2 million. This strong start to the year led to management upgrading full year net income guidance.

Megaport Ltd (ASX: MP1)

The Megaport share price has climbed almost 4% to $18.02. This follows the release of the network as a service (NaaS) solutions provider’s full year results. For the 12 months ended 30 June, Megaport reported a 35% increase in revenue to $78.28 million. Also growing strongly was its monthly recurring revenue (MRR), which increased 32% year on year to $7.5 million. This annualises to $90 million. Megaport also announced the US$15 million acquisition of InnovoEdge. It is an AI-powered multi-cloud and edge application orchestration company.

Novonix Ltd (ASX: NVX)

The Novonix share price has jumped 16.5% to $3.52. Investors have been fighting to get hold of the lithium-ion battery tech company’s shares after United States energy giant Phillips 66 made a strategic investment in the company. Phillips 66 will have a 16% stake in the company following the transaction.

The post Why BlueBet, James Hardie, Megaport, & Novonix shares are racing higher appeared first on The Motley Fool Australia.

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More reading

ASX 200 midday update: James Hardie hits record high, Pilbara Minerals rockets

Why the PointsBet share price is up 6% on Tuesday

Megaport (ASX:MP1) share price lifts after acquisition update
Why the Novonix (ASX:NVX) share price is rocketing 11% out of a trading halt
Up 8%, the BlueBet (ASX:BBT) share price is booming on Tuesday. Here’s why

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. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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