The S&P/ASX 200 Index (ASX: XJO) is having a tough finish to the week. In afternoon trade, the benchmark index is down 0.75% to 6,600.9 points.
Four ASX shares that have not let that hold them back are listed below. Hereâs why they are rising:
Ardent Leisure Group Ltd (ASX: ALG)
The Ardent Leisure share price is up 4% to 54.7 cents. This may have been driven by comments out of WAM Capital Limited (ASX: WAM), which described the entertainment company as undervalued. It said: âWe believe Ardent Leisure Groupâs current share price materially undervalues the company relative to global peers, while opportunity exists to unlock further value via development of excess land assets.â
Michael Hill International Ltd (ASX: MHJ)
The Michael Hill share price is up 4% to $1.12. This morning this jewellery retailer released a trading update and revealed strong quarterly sales growth. This is expected to underpin a 7.3% increase in full-year sales in FY 2022. EBIT is expected to be between NZ$60 million and NZ$63 million, up from NZ$56.6 million in FY 2021.
National Storage REIT (ASX: NSR)
The National Storage share price is up over 2% to $2.25. This appears to have been driven by a broker note out of Ord Minnett. This morning its analysts retained their buy rating and lifted their price target on the self-storage centre operatorâs shares to $2.70. It was pleased to see management guide to earnings growth ahead of consensus estimates in FY 2022.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 3.5% to $44.22. Investors have been buying this logistics solutions companyâs shares after it upgraded its FY 2022 earnings guidance. Due to strong top line growth and cost efficiencies, FY 2022âs EBITDA is now forecast to be between $310 million and $320 million. This compares to its previous guidance range of $275 million to $295 million.
The post Why Ardent Leisure, Michael Hill, National Storage, and WiseTech shares are rising appeared first on The Motley Fool Australia.
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More reading
- Ardent Leisure share price ‘materially undervalued’: expert
- ASX 200 midday update: Rio Tinto’s update, BHP and Fortescue sink, AVZ remains suspended
- WiseTech share price leaps 7% higher following upgraded guidance
- What I’d do with 3 ASX shares that have plunged this year: expert
- ‘Pretty attractive’: Expert reveals 3 ASX shares to buy right now
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 WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. 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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