In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to finish the week on a positive note. At the time of writing, the benchmark index is up 0.1% to 7,471.4 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
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Adairs Ltd (ASX: ADH)
The Adairs share price is up 3.5% to $3.82. This follows the release of the furniture and homewares retailer's full year results. For the 12 months ended 30 June, Adairs reported a 28.5% increase in sales to $499.8 million. And thanks to margin expansion, the company's underlying earnings before interest and tax (EBIT) almost doubled to $109.1 million. This allowed Adairs to increase its dividend to 23 cents per share. Adairs also revealed that it has started FY 2022 strongly.
Redbubble Ltd (ASX: RBL)
The Redbubble share price is up almost 10% to $3.99. Investors have been buying this ecommerce company's shares following the release of a positive broker note out of Morgans. In response to its full year results, Morgans upgraded Redbubble's shares to an add rating with a slightly trimmed price target of $4.83.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 5% to $13.12. This also appears to have been driven by a broker note out of Morgans. According to the note, the broker has retained its add rating and lifted its price target on the wine giant's shares to $14.01. Morgans was pleased with Treasury Wine's full year results and is positive on its longer term outlook.
Western Areas Ltd (ASX: WSA)
The Western Areas share price has jumped a further 9% to $3.06. Investors have been buying the nickel producer's shares this week after it confirmed takeover talks with IGO Ltd (ASX: IGO). Though, it warned that discussions are at a preliminary stage and there can be no assurance whether a takeover offer will be made.
