In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is tumbling lower. At the time of writing, the benchmark index is down 0.5% to 7,210.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 3.5% to $117.49. This follows a strong night on Wall Street which saw the Square share price rebound with a gain of 4.3%. As Square is acquiring Afterpay in an-scrip deal, the value of the takeover rises and falls with the Square share price.
Austal Limited (ASX: ASB)
The Austal share price is up over 4% to $1.95. This follows news that the shipbuilder has been awarded its first steel vessel construction contract by the United States Navy. According to the release, the US$145 million (~A$198.5 million) contract is to build two Towing, Salvage, and Rescue ships.
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is up 5% to $5.69. Investors have been bidding this baby products retailer’s shares higher today following a bullish broker note out of Morgans. According to the note, the broker has upgraded the company’s shares to an add rating with a $6.20 price target. This follows the release of the company’s trading update on Tuesday at its annual general meeting.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is up 5% to $12.92. This morning Citi retained its buy rating and lifted its price target on the furniture retailer’s shares to $16.80. It was pleased with the company’s acquisition of Plush for $103 million. The broker described Plush and Nick Scali as a compatible low risk match.
The post Why Afterpay, Austal, Baby Bunting, & Nick Scali shares are storming higher appeared first on The Motley Fool Australia.
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- Why the Afterpay Ltd (ASX:APT) share price is bouncing back on Wednesday
- ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
- Why this broker just upgraded the Baby Bunting (ASX:BBN) share price to buy
- Why is the Afterpay (ASX:APT) share price plunging 5% today?
- Why De Grey Mining, Gold Road, Nick Scali, & Redbubble shares are racing higher
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Austal Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Baby Bunting. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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