Why Atlas Arteria, Cleanaway, Nick Scali, and Tyro shares are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,230.8 points.

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

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price is up 1% to $7.11. Investors have been buying this toll road operator’s shares after it announced the receipt of the approvals required to acquire a 66.67% majority interest in Skyway Concession Company. It is the concessionaire of the Chicago Skyway.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is up 1.5% to $2.79. This follows the release of the waste management company’s strategy update. Management expects its strategy to create a competitive advantage and leverage digitisation, as well as support margin expansion, organic growth and reduce customer churn.  In addition, the company expects to realise significant efficiency gains through business simplification.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 2% to $11.20. Last week, analysts at Citi responded to the furniture retailer’s annual general meeting update by retaining their buy rating and lifting their price target to $15.83. Citi notes that Nick Scali is performing notably better in FY 2023 than it was expecting. Macquarie is also positive and retained its outperform rating with an improved price target of $12.50.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is up 9% to $1.72. This also appears to have been driven by a positive reaction to an annual general meeting update by a broker. At the end of last week, Morgans retained its add rating with an improved price target of $2.05. It commented: “[W]e believe recent updates are now pointing to improved business momentum and importantly a greater focus on driving profitability. Potential corporate action also remains an area of possible upside.”

The post Why Atlas Arteria, Cleanaway, Nick Scali, and Tyro 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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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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