The S&P/ASX 200 Index (ASX: XJO) is on form again and on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.55% to 7,468.5 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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Jumbo Interactive Ltd (ASX: JIN)
The Jumbo share price is up 7.5% to $17.10. This appears to have been driven by a recent broker note out of Morgan Stanley. Its analysts were pleased with the lottery ticket seller's performance during the first quarter. In response, the broker retained its overweight rating and $18.50 price target.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has jumped 11% to $4.81. Investors have been buying the administration services company's shares after it received a takeover approach from Carlyle Group. The private equity firm has made a conditional, non-binding indicative proposal to acquire Link for $5.38 per share. This comprises $3.00 cash per share and a pro rata distribution of Link's shareholding in PEXA Group Limited (ASX: PXA) valued at $2.38 per share.
News Corp (ASX: NWS)
The News Corp share price has surged 9% higher to $34.62. This follows the release of the media giant's first quarter update. According to the release, News Corp reported an 18% increase in revenue to US$2.5 billion and a 53% jump in EBITDA to US$410 million during the quarter. One of the drivers of this strong result was its Dow Jones media segment. It recorded its highest quarter of revenue and profitability since acquisition.
REA Group Limited (ASX: REA)
The REA share price is up 5.5% to $176.52. This follows the release of the property listings company's first quarter update. For the three months ended 30 September, REA delivered a 35% increase in revenue to $264 million and a 25% lift in EBITDA including associates to $158 million. This was driven by growth across all Australian segments, underpinned by an increase in national listings. Management also revealed that the second quarter has started strongly, with national listings up 16% year on year in October.
