Why EML, Nearmap, NIB, and Nick Scali shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a disappointing decline. In afternoon trade, the benchmark index is down 0.95% to 7,047.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 9% to $1.16. Investors have been buying this payments company’s shares following the release of its full year results. EML delivered a better than expected profit result and announced a small share buyback. This appears to have led to short sellers closing positions in a hurry.

Nearmap Ltd (ASX: NEA)

The Nearmap share price is up over 5% to $2.07. This morning this aerial imagery company announced that it has accepted a takeover approach. The Nearmap board is unanimously recommending that shareholders vote in favour of Thoma Bravo’s $2.10 cash per share offer. This is in the absence of a superior proposal and subject to the independent expert’s report.

NIB Holdings Limited (ASX: NHF)

The NIB share price is up over 7% to $7.81. The catalyst for this has been the release of the private health insurer’s full year results for FY 2022. NIB reported a 7.2% increase in revenue to $2.8 billion but a 16.6% decline in net profit to $133.8 million. The latter, which was driven by investment losses, was slightly ahead of consensus estimates.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 3% to $10.32. Investors have been buying this furniture retailer’s shares after its full year results impressed the market. Despite the cost of living crisis, the retailer delivered an 18.2% increase in revenue to $441 million. And while margin pressures led to its underlying profit falling 4.9% to $80.2 million, this didn’t stop the company from increasing its dividend in FY 2022.

The post Why EML, Nearmap, NIB, and Nick Scali shares are charging higher appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Nick Scali share price climbs as final dividend jumps 40% for FY 2022
• EML share price leaps 11% on results and share buyback
• Nearmap share price jumps 5% on takeover update
• NIB share price gains 6% despite net profit drop in FY22
• These are the 10 most shorted ASX shares

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 EML Payments and Nearmap Ltd. The Motley Fool Australia has positions in and has recommended EML Payments and Nearmap Ltd. The Motley Fool Australia has recommended NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/Rx27oIg