Inghams Group Ltd (ASX:ING) and Rio Tinto Limited (ASX:RIO) shares are two of four charging notably higher on Friday…
The post Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher appeared first on The Motley Fool Australia. –
In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.15% to 7,176.9 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Inghams Group Ltd (ASX: ING)
The Inghams share price has jumped 9.5% to $3.44. Investors have been fighting to get hold of the poultry producer’s shares after it provided FY 2021 guidance well-ahead of the market’s expectations. For the 12 months ending 25 June, Inghams is forecasting statutory EBITDA of $438 million to $448 million and statutory net profit after tax of $80 million to $87 million. This has been driven by the benefits derived from operational efficiencies implemented throughout the year and improved trading conditions.
Latitude Group Holdings Ltd (ASX: LFS)
The Latitude share price is up 3.5% to $2.53. This follows the release of a market update. The instalments and lending company revealed that its loan volumes for the six months ending 30 June 2021 are expected to come in at $3.7 billion. This will be an increase of 7% on the prior corresponding period. Management expects this to lead to a first half net profit after tax of between $115 million and $120 million.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is up 3% to $123.74. This follows a similarly strong gain by its London-listed shares during overnight trade. Strong economic data appears to have given the resources sector a major lift today. At the time of writing, the S&P/ASX 200 Resources index is up 2.4%.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is up 2.5% to $5.19. The catalyst for this was news that BetMakers Technology Group Ltd (ASX: BET) has made a $4 billion offer to acquire Tabcorp’s Wagering and Media operations. The offer comprises $1 billion in cash and $3 billion in BetMakers shares. BetMakers believes the proposal would bring together two highly complementary businesses to create a competitive global wagering and technology platform with scalable operations across both B2B and B2C markets.
Learn where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Why the Latitude (ASX:LFS) share price is rising today
BetMakers (ASX:BET) share price sinks on Tabcorp takeover proposal
Why the Inghams (ASX:ING) share price is racing 10% higher
4 ASX 200 resource shares poised to deliver: AMP Capital
The post Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher appeared first on The Motley Fool Australia.