In 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 1.2% to 7,383.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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Bapcor Ltd (ASX: BAP)
The Bapcor share price is up 5% to $7.60. Investors have been buying the auto parts company's shares after they were upgraded by a leading broker. According to a note out of Citi, its analysts have upgraded the company's shares to a buy rating with an improved price target of $8.25. Citi made the move partly on valuation grounds following a sharp share price pullback in recent weeks.
Brickworks Limited (ASX: BKW)
The Brickworks share price is up over 2% to $24.97. This follows the release of the building products company's full year results this morning. According to the release, Brickworks reported a 6% decline in revenue to $890 million but a 95% jump in underlying net profit after tax to $285 million. The latter was driven largely by its joint venture property trust with Goodman Group (ASX: GMG).
News Corp (ASX: NWS)
The News Corp share price has jumped 8% to $32.37. This gain appears to have been driven by a bullish broker note out of Goldman Sachs. According to the note, the broker has reiterated its conviction buy rating and $44.50 price target on its shares. This follows the media company's 30th Annual Communacopia Conference.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up 3.5% to $27.73. This follows the release of the retail conglomerate's full year results this morning. For the 12 months ended 31 July, Premier Investments reported an 18.7% increase in retail sales to $1,443.2 million and a 97% jump in statutory net profit after tax to $271.8 million. A key driver of this growth was the Peter Alexander brand, which reported very strong sales and profit growth.
