In afternoon trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a gain. At the time of writing, the benchmark index is up 0.3% to 6,989.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Boral Limited (ASX: BLD)
The Boral share price is up 6% to $6.24. This morning the building materials company announced a multibillion-dollar capital return for shareholders. According to the release, Boral intends to return $3 billion of surplus capital to shareholders. This will be via a $2.65 per share capital reduction and an unfranked 7 cents per share dividend.
Carsales.Com Ltd (ASX: CAR)
The Carsales share price is up 2.5% to $22.53. This appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has upgraded the auto listings company's shares to an outperform rating with a $25.80 price target. Credit Suisse is expecting a solid result from Carsales later this month.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is up 3.5% to $35.07. This follows the release of its half year results which revealed a first half profit well ahead of expectations. Credit Corp posted an 8% increase in both first half revenue and net profit after tax to $203.9 million and $45.7 million, respectively. The latter compares to the market consensus estimate of $42.7 million.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is up 6% to $5.15. Investors have been buying this sports betting company's shares following a strong night of trade for its peers on Wall Street and in response to a bullish broker note out of Goldman Sachs. According to the note, the broker has retained its buy rating but trimmed its price target on the company's shares to $9.97. This target is almost double the current share price.
