In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record another gain. At the time of writing, the benchmark index is up 0.25% to 7,286.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are pushing higher:
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AMP Ltd (ASX: AMP)
The AMP share price is up 5% to $1.06. Investors have been buying the financial services company's shares following the release of its full year results. For the 12 months ended 31 December, AMP recorded a loss of $252 million. However, this was due to previously announced impairment charges, which were mainly non-cash write-downs. Things were much better on an underlying basis, with net profit after tax increasing 53% to $356 million.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price is up 2.5% to 87.5 cents. This morning the lithium explorer advised that it has committed to invest $25 million to advance its drilling program at Roche Dure and early works program for the Manono Lithium and Tin Project in the Democratic Republic of the Congo. This will be supported by the funds received from the recent $75 million capital raising.
Megaport Ltd (ASX: MP1)
The Megaport share price has jumped 8% to $14.70. This appears to have been driven by the release of a number of bullish broker notes this morning. For example, in response to its half year results, Macquarie has retained its outperform rating and lifted its price target to $21.00. Megaport is the broker's top pick in the tech sector.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is up 4.5% to $29.64. This follows the release of a better than expected first quarter update from the banking giant. For the three months ended 31 December, NAB delivered a 12% increase in cash earnings to $1.8 billion. This was 13.2% ahead of Bell Potter's estimate of $1.59 billion and is run-rating 6% ahead of what is implied by Goldman Sachs' first half forecasts.
