Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher

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.

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More reading

ASX 200 up 1.1%: Tabcorp receives $4bn offer, KKR wants Link’s PEXA business

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.

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