Why Kogan, Nick Scali, PointsBet, and Sayona Mining shares are pushing higher

a man sits at his computer screen scrolling with his fingers with a satisfied smile on his face as though he is very content with the news he is receiving.

a man sits at his computer screen scrolling with his fingers with a satisfied smile on his face as though he is very content with the news he is receiving.The S&P/ASX 200 Index (ASX: XJO) has continued its positive run on Thursday. In afternoon trade, the benchmark index is up 0.3% to 7,252.6 points.

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

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 9% to $3.74. Although the ecommerce company reported a significant sales and earnings decline so far in FY 2023, investors appear pleased that Kogan’s under pressure CEO, Ruslan Kogan, is expecting a strong second half. In other news, shareholders voted down the adoption of a new constitution at its annual general meeting.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 10% to $10.30. This follows the release of a trading update at the furniture retailer’s annual general meeting. Management revealed that the company expects its first half profit to be 57% to 66% higher than the prior corresponding period. This follows a 74% increase in sales revenue to $194 million for the four months ended 31 October.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up almost 4% to $1.95. Investors have been buying this sports betting company’s shares after it announced its launch in Maryland. This represents the company’s 13th online sports betting operation in the United States market.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 3.5% to 22.2 cents. This follows the release of an update on the company’s North American Lithium (NAL) operation. According to the release, the operation is on budget and on track for the recommencement of production in the first quarter of 2023. NAL has nameplate capacity to produce up to 220kt of spodumene concentrate or 30kt LCE per year.

The post Why Kogan, Nick Scali, PointsBet, and Sayona Mining shares are pushing higher appeared first on The Motley Fool Australia.

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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 Kogan.com ltd and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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