The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. At the time of writing, the benchmark index is down 0.2% to 8,039.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising today:
Accent Group Ltd (ASX: AX1)
The Accent Group share price is up almost 10% to $2.15. Investors have been buying this footwear retailer’s shares following the release of a trading update. Accent revealed that it expects to report EBIT (before one-offs) in the range of $123.2 million to $125.2 million for FY 2024. This would mean a 9.8% to 11.2% decline year on year. Analysts at Bell Potter were forecasting Accent to deliver EBIT of $124.6 million for the year, so the company could yet outperform expectations despite the tough economic environment. Accent achieved like for like sales growth of 4.2% during the second half.
Dusk Group Ltd (ASX: DSK)
The Dusk Group share price is up 30% to 76.5 cents. This has also been driven by the release of a trading update this morning. The specialty retailer of home fragrance products revealed that its performance improved markedly during the second half. This culminated in positive sales growth of 0.4% for the last five weeks of the financial year. Management advised that its improved sales performance in the second half reflects the implementation of various strategic initiatives.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up over 3% to $4.11. Investors have been buying this gold miner’s shares following the release of its quarterly update. During the fourth quarter, Evolution Mining reported record quarterly group cash flow $230 million, which was up 171% on the previous quarter. Evolution also reported a 14% increase in gold production to 212,070 ounces and a 13% reduction in its all-in sustaining cost to $1,275 per ounce.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 9% to $1.75. This follows the completion of the buy now pay later provider’s capital raising and the release of its quarterly update. In respect to the former, Zip was able to raise $217 million (before costs) via an equity placement at just $1.56 per new share. This represents a discount of just 2.8% to its last close price. These funds will be used for the early repayment of Zip’s existing corporate debt facility and associated exit fee. Zip didn’t have any problems raising the funds after impressing investors with strong growth in the fourth quarter. It is likely this performance that is really driving its shares higher today.
The post Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today appeared first on The Motley Fool Australia.
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More reading
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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 Zip Co. The Motley Fool Australia has recommended Accent Group. 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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