Why Inghams, Janison, Myer, and Nick Scali shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is having another tough session. In afternoon trade, the benchmark index is down 0.6% to 7,577.6 points.

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

Inghams Group Ltd (ASX: ING)

The Inghams share price is up 4% to $4.49. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded this poultry producer’s shares to a buy rating with a $4.90 price target. It said: “Feed cost deflation looks likely to become a tailwind in FY25e based on recent crop price movements and improved 2023-24 winter cropping prospects.”

Janison Education Group Ltd (ASX: JAN)

The Janison share price is up 48% to 38.5 cents. Investors have been buying this education technology company’s shares after it announced an agreement with the New South Wales Department of Education and Cambridge University Press & Assessment. Management expects the agreement to generate revenue of up to $45 million over the initial five-year term.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 13.5% to 75.5 cents. This has been driven by the release of a trading update from the department store operator. Myer advised that total sales for the first half of FY 2024 are expected to be down 3% on the prior corresponding period to $1,829.1 million. In addition, net profit after tax is expected to be $49 million to $53 million. While this will be down from $65 million, it appears to be better than feared.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up almost 18% to $14.13. This follows the release of the furniture retailer’s half year results. Nick Scali reported a 20% decline in revenue to $226.6 million and a 29% reduction in net profit after tax to $43 million. The latter was ahead of its guidance.

The post Why Inghams, Janison, Myer, and Nick Scali shares are rising today appeared first on The Motley Fool Australia.

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More reading

• Why is the Janison Education share price rocketing 42% on Tuesday?
• Nick Scali share price rockets 19% on guidance beat
• These 3 ASX 200 shares just got some big broker upgrades!
• Why is the Myer share price jumping 13% today?
• Buying ASX retail shares? You’ll want to see these numbers

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 Janison Education Group. The Motley Fool Australia has recommended Janison Education Group and Nick Scali. 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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