In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.6% to 6,810.6 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Megaport Ltd (ASX: MP1)
The Megaport share price is up 3.5% to $12.52. Investors have been buying the global elastic interconnection services provider's shares after Goldman Sachs upgraded them to a buy rating with a $15.00 price target. The broker expects Megaport to benefit from growing demand for public cloud infrastructure and the broadening of its product suite. Goldman also has increased confidence on its path to generating positive free cash flow.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price has jumped 10.5% to $17.54. The catalyst for this was the release of its second quarter update this morning. That update revealed that the investment platform provider's strong form has continued, with funds under administration (FUA) increasing $4.8 billion or 14% quarter on quarter to $38.8 billion. This led to management upgrading its FY 2021 FUA inflows guidance to $8.5 billion to $9 billion. This is an increase on its previous guidance of $8 billion.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has stormed 4% higher to $15.33. This follows an announcement by the sports betting company which revealed that it has been given approval to operate within the state of Michigan. The Michigan Gaming Control Board has granted approval for PointsBet to begin online sports betting operations effective tomorrow.
Zip Co Ltd (ASX: Z1P)
The Zip share price has surged 11% higher to $6.65 following its second quarter update. The buy now pay later provider had a very stronger quarter. Zip delivered a 103% increase in transaction volume during the second quarter to a record of $1.6 billion. The key driver of this was the US-based QuadPay business, which recorded a 217% increase in transaction volume to $673.1 million. Another positive was that its ANZ business reported a sizeable reduction in its net bad debts.
