Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 6,617.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up over 2.5% to $10.84. This morning the auto retailer released a half-year market update. According to the release, the company expects to report a statutory net profit before tax from continuing operations of $246 million. This is ahead of its guidance range of $225 million to $240 million.

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is up 3% to $2.82. This follows the release of the fuel retailer’s second quarter and first half update. Viva reported total group sales volumes growth of 5.2% on the same period last year during the first half. This was driven predominantly by strong diesel sales, which exceed pre-pandemic levels.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 2.5% to $37.28. Investors may have been buying this supermarket operator’s shares in response to a bullish broker note out of Goldman Sachs this week. According to the note, the broker has reiterated its buy rating and added the company’s shares to its conviction list. Goldman is forecasting a sales “CAGR of 6.6% and underlying NPAT of 14.1% over FY22-24e.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up over 4% to 52.2 cents. Investors have responded positively to news that the buy now pay later (BNPL) provider is scrapping its merger with rival Sezzle Ltd (ASX: SZL). While the decision is mutual, Zip will pay Sezzle a break fee of US$11 million. Management believes this will “allow Zip to focus on its strategy and core business in the current environment.”

The post Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• Zip share price jumps 6% after merger deal with Sezzle is cancelled
• Sezzle share price plunges 35% as Zip merger scrapped
• Why Goldman Sachs added Woolworths shares to its conviction list
• Own Zip shares? BNPL player shuts down finance app to focus on profitability

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. has positions in and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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