The Lithium Australia NL (ASX: LIT) share price is sinking today after the company provided updated plans ahead of its joint venture partner’s initial public offering (IPO).

At the time of writing, the Lithium Australia share price is down 7.6%, swapping hands for 12 cents.

Let’s look closer at the news Lithium Australia shared today.

Shifting assets

Today, Lithium Australia reiterated its offer for its joint venture partner, Charger Metals NL, to purchase 70% of a number of its projects ahead of Charger’s ASX debut.

Lithium Australia plans to keep a hold of the projects by assuming the role of Chargers’ majority shareholder after its IPO.

The offer was first made public in December 2021, though it wasn’t met with any particular reaction from the company’s share price at the time. Unfortunately, this time, the Lithium Australia share price hasn’t responded positively to the plan.

Lithium Australia states its shareholders will be offered a priority allocation in the Charger IPO, worth around $500,000. 

There are 3 projects in contestation due to Chargers’ planned IPO. Lithium Australia has given Charger until 4 September 2021 to acquire 70% of their joint venture projects. These include:

• the Coates project – situated in the highly prospective Western Yilgarn nickel, copper, and platinum group elements belt, it’s close to Chalice Mining Ltd‘s (ASX: CHN) Julimar discovery. Lithium Australia states the Coates project exhibits similar geology to the Julimar discovery.

• The Lake Johnston project – positioned near Southern Cross in Western Australia. It’s prospective for lithium, gold and nickel.
• the Bynoe project – located near Darwin, the Bynoe project is prospective for lithium and gold.

If Charger agrees, it will provide Lithium Australia with 9.6 million fully paid ordinary shares in Charger, as well as paying $100,000 to reimburse the projects’ costs thus far. 

Charger will also pay Lithium Australia’s joint-venture expenditure share until it receives a receipt of the definitive feasibility study.

This cost to Charger will increase by $200,000 or 2 million shares if the projects’ resources increase significantly.

Lithium Australia have stated, for the extra charges to be applied, the resources would have to increase to equal or more than the follow amounts:

• over 10,000 tonnes of nickel equivalent
• 10 megatons of equal or greater than 1.2% lithium oxide
• or, 100,000 ounces of gold equivalent at equal or more than 2 grams per tonne.

Commentary from management

Lithium Australia’s managing director Adrian Griffin commented on the proposed arrangements:

The Company retains significant exposure to battery minerals and potential supply solutions while maintaining a focus on its core business – that of ensuring an ethical and sustainable supply of energy metals to the battery industry via the creation of a circular battery economy.

Lithium Australia share price snapshot

While today hasn’t been a good day for the Lithium Australia share price, it’s been performing well this year.

Currently, the Lithium Australia share price is up 100% year to date. It’s also up by 140% over the last 12 months.

The company has a market capitalisation of around $117 million, with approximately 901 million shares outstanding.

More reading

• Chalice (ASX:CHN) share price rises after latest update
• Why the Lithium Australia (ASX:LIT) share price is surging 7%
• Why the Chalice Mining (ASX:CHN) share price has grown 51% in a month

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kingwest Resources Ltd (ASX: KWR) share price is rising today after the company reported extensional drilling success in its Menzies Gold Project (MGP).

At the time of writing, the Kingwest share price is up 3.85% to 14 cents per share.

Kingwest is engaged in the acquisition and exploration of resource projects. Currently, it is focused on gold exploration in the eastern goldfields region of Western Australia. Additionally, the company’s projects include its MGP and Goongarrie Project.

Kingwest’s Menzies gold project 

Extensional and infill drilling at Menzies included high-grade intersections of four metres at 7.7 g/t and three metres at 13.0 g/t. Kingwest’s extensional drilling also continues to intersect high-grade gold deposits outside of the company’s optimised pits.

All of Kingwest’s composite drill results have now been received for drilling completed in 2021. The Kingwest share price has been relatively flat lately. However, most of the results have been positive. In particular, for future exploration potential and recurring cost savings.

Menzies is one of Western Australia’s major historic goldfields. It is located 130km north of the globally significant gold deposits of Kalgoorlie. The Menzies project covers a contiguous land package over a strike length (drilling area) in excess of 15km.

Within the MGP a series of structurally controlled high-grade gold deposits have been historically mined. According to Kingwest, these also display extensive exploration potential for high-grade extensions. Modern exploration since the site’s initial closure over 20 years ago has been limited.

What Kingwest management said

Kingwest CEO, Ed Turner welcomed the results, saying:

These high-grade results, including hits outside of the Scoping Study optimised open pit shells, give us great confidence that high grade underground resources can and will be proven up with additional deeper drilling.

When additional drilling is integrated into future reoptimised pits there’s also a good chance of the pits being extended at depth and along
strike.

Kingwest share price snapshot

The Kingwest share price has jumped 8% this week but is an outlier among its basic materials sector, declining 20% in 2021 to date and 1% over the past 12 months.

That leaves it down more than 40% against its broader industry sector.

More reading

• 650,000 Aussies sign up for Afterpay (ASX:APT) Mastercard
• Why Altium, Challenger, Lynas, & Sydney Airport shares are sinking
• Why the Challenger Exploration (ASX:CEL) share price is on the move
• Laybuy (ASX:LBY) share price slides on Q4 trading update
• Why the Telstra (ASX:TLS) share price is a buy today

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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More than 650,000 Australians signed up in just 3 weeks for Afterpay Ltd (ASX: APT)’s new contactless Mastercard (NYSE: MA). 

The buy now, pay later provider revealed the rapid take-up during its quarterly business update to the ASX on Tuesday morning.

Named Afterpay Card, the concept installs a virtual Mastercard in Google Pay or Apple Wallet. That enables users to just make a contactless swipe to purchase an item through Afterpay’s instalment scheme — the same as using a credit card.

The service was first launched in the US, where 3.5 million people had already set it up by the end of last month. Afterpay Card was then released in Australia on 28 March.

“In the first three weeks of April, more than 650,000 Australian customers have set up their Afterpay Card,” stated the company.

“In-store [activity] is expected to further accelerate following the launch of the Afterpay Card in Australia.”

Afterpay shares are down 0.72% on Tuesday afternoon, to trade at $125.29. They were $29 exactly a year ago.

Afterpay bank accounts coming soon

Afterpay Money is a smartphone app that will offer transaction and savings bank accounts to complement the company’s buy now, pay later service.

While the fintech doesn’t own a banking licence, it was the first partner to sign on to Westpac Banking Corp (ASX: WBC)’s banking-as-a-service platform last October. 

The quarterly update suggested that the planned launch of Afterpay Money in the second half of this calendar year was on track.

“An internal pilot team is currently working on a skeleton app in production with functioning deposit and savings accounts, with iterative prototype testing continuing with customers ahead of launch.”

Afterpay had a smooth quarter ending 31 March, increasing year-on-year underlying sales in all regions to the tune of 104%.

Active user numbers were up 75% from a year ago, to go from 8.4 million to now 14.6 million. North America is now the biggest contributor to underlying sales, overtaking the business’ country of origin.

The company’s European brand Clearpay was launched in Spain, France and Italy during the quarter.

More reading

• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Westpac (ASX:WBC) reports ‘extraordinary’ Australian consumer confidence
• Treasurer outlines federal budget focus as IMF upgrades Australian outlook
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• NAB (ASX:NAB) chair signals ‘rational’ responses to curb booming housing market

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Tony Yoo owns shares of AFTERPAY T FPO and Alphabet (A shares). The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Apple, and Mastercard and recommends the following options: short March 2023 $130 calls on Apple and long March 2023 $120 calls on Apple. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Apple, and Mastercard. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and tumbling lower. At the time of writing, the benchmark index is down 0.65% to 7,019.2 points.

Four ASX shares that have fallen more than most are listed below. Here’s why they are sinking:

Altium Limited (ASX: ALU)

The Altium share price is down 5% to $28.50. Today’s decline appears to have been driven by a broker note out of Citi this morning. Although the broker retained its buy rating and $33.50 price target, it did warn that Altium has been discounting its platform subscriptions. It feels this could be an indication of weak trading conditions. Though, the broker remains positive on the company on the belief that its downgrade cycle is nearing an end.

Challenger Ltd (ASX: CGF)

The Challenger share price has crashed 16% lower to $5.55. Investors have been selling the annuities company’s shares following the release of its third quarter update. While Challenger’s performance has been solid, investors appear disappointed that it is only guiding to the low end of its guidance range. The company advised that its earnings have been impacted by a sharp decline in credit spreads over the year, which were not fully reflected in customer pricing.

Lynas Rare Earths Ltd (ASX: LYC) 

The Lynas share price has sunk 8% lower to $.5.87. This follows the release of the rare earths producer’s third quarter update. Total rare earth oxide production for Lynas was 4,463 tonnes for the quarter. This was up from 3,410 tonnes during the second quarter. In addition to this, the company reported strong pricing for its rare earths. Despite this, investors appear to have been expecting an even stronger update.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

The Sydney Airport share price is down 2% to $6.01. This morning the airport operator released its latest monthly update. According to the release, total passenger traffic in March 2021 was 1,153,000 passengers. This is down 42.6% on the prior corresponding period in 2020 and 68.4% on the corresponding period in 2019. In other news, this morning Credit Suisse retained its underperform rating but lifted its price target to $5.30.

More reading

• Why the Sydney Airport (ASX:SYD) share price is trading lower today
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• Why the Altium (ASX:ALU) share price is sinking today but could rebound strongly
• Leading brokers name 3 ASX shares to sell today
• Lynas (ASX:LYC) share price down 7% despite ‘strong’ quarterly update

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of Altium. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Challenger Exploration Ltd (ASX: CEL) shares are edging higher today after the company outlined plans for a new fully-funded drilling program in San Juan, Argentina. At the time of writing, the Challenger share price is trading 1.59% higher at 32 cents.

Challenger Exploration is engaged in the exploration of gold and copper with operations in Ecuador and Argentina. The company is developing two complementary gold/copper projects in South America, namely the Hualilan Gold Project in Argentina (the focus of today’s update) and the El Guayabo Gold/Copper Project in Ecuador.

New drilling program

The Challenger Exploration share price is responding positively after the miner advised its fully-funded, five-rig, 30,000-metre drilling program at the Hualilan Gold Project is expected to significantly increase the scale of its operations. 

Challenger’s new program builds on a recently completed 45,000-metre drill program, which it says has seen Hualilan emerge as a gold discovery “with significant scale that remains open in all directions”.

Drilling is expected to continue to increase the scale of the project because it includes new targets away from Hualilan, which are to be tested in the current 30,000 metres of drilling.

The program is being funded through Challenger Exploration’s available cash of approximately $14.5 million, bolstered by another $3.5 million in option financing.

The company’s latest market update was released at 1.21 pm AEST, pushing the Challenger Exploration share price into the green.

Management comments

Challenger Exploration managing director Kris Knauer commented that Hualilan is proving to be very lucrative. He said:

The extension of the current drill program was always going to be an easy decision given the results we have been receiving, not just recently, but since we started drilling at Hualilan. Already it looks like the new 30,000 metre program will emulate the old program.

The last hole in our 45,000 metre program, and western most test of the Magnata Fault, has intersected strong mineralisation while the first hole in our new 30,000 metre program…has been deepened as it is still drilling through mineralisation. Hualilan continues to surprise us on the upside and where [we] land in the next 12 months will be a long way ahead of the expectations we had when we started drilling our first hole.

Challenger Exploration share price snapshot

The Challenger Exploration share price has gained 52% in 2021 so far, and 190% over the past 12 months. Based on the current share price, the company commands a market capitalisation of around $174 million.

More reading

• Challenger Exploration (ASX:CEL) delivers exceptional gold results

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Laybuy Holdings Ltd (ASX: LBY) share price is sinking in mid-afternoon trade following the release of a business update.

At the time of writing, the buy now, pay later (BNPL) provider’s shares are fetching for 92 cents apiece, down 1%.

What’s with the Laybuy share price?

Investors appear unfazed by Laybuy’s latest performance update for Q4 FY21, sending its shares lower.

For the quarter ending 31 March 2021, Laybuy reported strong growth across its key operational metrics. Annualised (multiplied by 12) Gross Merchandise Value (GMV) increased to NZ$645 million, up 129% on the prior corresponding period.

Underpinning the result, the United Kingdom market saw GMV soar from NZ$108 million in Q4 FY20 to NZ$358 million in Q4 FY21. This represents a 230% jump in the space of 12 months. Additionally, this makes the United Kingdom Laybuy’s largest market.

Laybuy highlighted that this was the second-highest trading quarter to date after Q3 FY21. Traditionally, growth rates in Q3 tend to be higher than any other quarter due to the timing of holiday sales.

Active customers stood at 756,000 at the end of the period, representing an 87% increase on the prior corresponding period (pcp). Furthermore, active merchants came to 9,126, a surge of 75% over the same time frame. The growth was attributed to the company’s strategic initiatives in which a number of promotional marketing events took place.

Revenue attained for the quarter hit a record high of NZ$9.8 million. This reflects a lift of 105% on the pcp, and contributes to FY21 revenue of NZ$32.6 million.

Net Transaction Margin (NTM) also improved to 2.5% of GMV, up from a loss of 0.3% in the prior comparable period. Laybuy credited a reduction in customer defaults as the reason why.

At the end of the quarter, Laybuy recorded cash and equivalents of NZ$15.5 million, with NZ$3.4 million in debt facilities.

Tap to Pay

Laybuy expects to gain robust instore traction with the United Kingdom launch of its “Tap to Pay” product in May.

The feature is seen as a way forward in a post COVID-19 environment. Both Australia and New Zealand rolled out the product last quarter with much success.

Outlook

Looking ahead, Laybuy revealed that it is on track to reach NZ$1 billion in annualised GMV sometime in FY22. Year-on-year revenue growth is expected to skyrocket between 90% and 100% on FY21, driven by ongoing key operational growth. In addition, the rolling 12-month average for NTM is also set to rise through lesser defaults and increased repeat customers.

The Laybuy share price has lost over half its value in the last 12 months, and is down 30% year-to-date.

More reading

• The Afterpay (ASX:APT) share price is up almost 20% this month
• Laybuy (ASX:LBY) share price climbs on March trading update
• Afterpay (ASX:APT) leads Zip by 40% on one critical measure
• Is the Affirm share price dragging ASX BNPL shares lower?
• Airtasker (ASX:ART) share price cools after explosive IPO

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Telstra Corporation Ltd (ASX: TLS) share price is having a rather undecided day today. After making a new 8-month high last week of $3.48, Telstra shares have been sliding ever since. The ASX’s largest telco opened this morning at $3.37 after going as low as $3.36 yesterday. At the time of writing, the Telstra share price is sitting at $3.40, up 1.04% for the day, but down close to 2.5% on last week’s high watermark.

So is this a buying opportunity for Telstra shares?

Telstra has been enjoying something of a renaissance for ASX investors of late. One of the catalysts for this share price recovery was the announcement last month of a new structural separation for the telco. Under the plan, Telstra will legally and regulatorily separate into four divisions by December this year. They will be InfraCo Towers, InfraCo Fixed, ServeCo and Telstra International. These divisions will house a component of Telstra’s business, while all still coming under the umbrella of the Telstra Group on the ASX. Since this announcement, Telstra shares are up close to 6%.

A recent article in the Australian Financial Review (AFR) argues that this split is accretive for value. It quotes Gaurav Sodhi of Intelligent Investor, who has given Telstra a $5 share price target going forward. This is partially a result of the split, which he states will help the markets recognise that “infrastructure-style assets that can generate stable, recurring revenues, resulting in a far higher valuation than the present [Telstra] share price”.

The report also asks the opinion of Will Granger of Airlie Funds Management. Mr Granger also thinks there is considerable value in the plans for a split. As an example, he notes that mobile tower companies can trade at an earnings before interest, tax, depreciation and amortisation (EBITDA) multiple between 21-27. Telstra currently trades at an EBITDA multiple of roughly 8.

Is Telstra a buy today?

Granger and Sodhi aren’t the only investors bullish on Telstra today. According to CommSec, investment bank and broker Goldman Sachs has a ‘buy’ rating on Telstra shares as of 26 March. Goldman’s 12-month Telstra share price target is $4 a share, supported by “the potential upside in its infrastructure assets”.

At the current share price, Telstra has a market capitalisation of $40.44 billion. Its dividend yield (including special dividends) is currently sitting at 4.71%, or 6.72% grossed-up with Telstra’s full franking.

More reading

• ASX 200 Weekly Wrap: ASX 200 hits new post-COVID high
• Beat low interest rates with these top ASX dividend shares
• This underperforming ASX large cap is sitting on a ~10% dividend yield
• Telstra (ASX:TLS) share price falls amid overseas expansion talks
• What’s happening with the Pentanet (ASX:5GG) share price today?

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Experience Co Ltd (ASX: EXP) share price is climbing higher today. At the time of writing, shares in the tourism operator are trading for 28 cents – up 5.66%. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.18% lower.

Today’s price growth comes as the company announced its latest acquisitions.

Let’s take a closer look at today’s announcement and what it means for the Experience Co share price.

What’s affecting the Experience Co share price?

In a statement to the ASX, Experience Co said it had acquired the business assets of Wild Bush Luxury and The Maria Island Walk. The company believes the purchases will allow it to expand into ‘premium adventure’.

The purchase of Wild Bush Luxury will also see its founder, Charles Carlow, be in the employ of Experience Co. Wild Bush Luxury owns the Arkaba Walk and Homestead in the Flinders Range of South Australia and the Bamurru Plains in the Kakadu region of the Northern Territory. The Arkaba Homestead and Bamurru Plains are both members of Luxury Lodges of Australia.

The Maria Island Walk is located on its namesake, the Maria Island of Tasmania. Unlike Carlow, the founder of Maria Island Walk, Ian Johnstone, will not join Experience Co but rather retire.

In its statement, Experience Co said it believes its expansion into premium adventure will be fruitful in the short-term, as the COVID-19 pandemic subsides but international borders remain closed. If that is the case, it will be good news for the Experience Co share price.

Both purchases will be completed by June 2021 and cost $5.3 million, payable until April 2023. The purchase is being funded using existing cash reserves.

Stakeholder commentary

Experience Co CEO John O’Sullivan said of today’s announcement:

During my time as Managing Director of Tourism Australia, I witnessed first-hand the increased demand by Australians and international visitors for our country’s premium tourism experiences. We are delighted to welcome Wild Bush Luxury and The Maria Island Walk.

Wild Bush Luxury is an established business in a category with strong fundamentals and exciting growth potential that we look forward to extending to The Maria Island Walk. Domestic, nature-based tourism is going to be a key focus for our business into the future particularly in the near term with continued uncertainty on international borders.

Carlow added

I am delighted to be joining the Experience Co portfolio and working with the team to build out a premium adventure category through Wild Bush Luxury with a focus on conservation and nature-based experiences.

It is a great time to join Experience Co, with record booking levels ahead for the upcoming season and further opportunity when international markets open up. The shared values of a passion for adventure experiences, environmental sustainability and disciplined capital management are a natural fit and the right foundation to grow the business into the future.

Experience Co share price snapshot

Over the past 12 months, the Experience Co share price has increased 194.74%. Its current share price is only just below its 52-week record of 29 cents a share.

Experience Co has a market capitalisation of $152.8 million.

More reading

• Argosy (ASX:AGY) share price climbs on Rincon construction update
• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Westpac (ASX:WBC) reports ‘extraordinary’ Australian consumer confidence
• Treasurer outlines federal budget focus as IMF upgrades Australian outlook
• Cathie Wood’s ARK Invest only owns 4 Dow stocks, and they aren’t what you think

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of EXPERNCECO FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Argosy Minerals Limited (ASX: AGY) share price is climbing today following a construction update at the Rincon Lithium Project.

At the time of writing, the lithium miner’s shares are swapping hands for 9.7 cents apiece, up 4.30%.

Construction update

Argosy shares are in the green today. This follows a positive investor sentiment on the company’s progress to date.

In its announcement, Argosy advised that 10% of construction works have been completed to bring the Rincon Lithium Project online. The development of the modular 2,000 tonnes per annum of lithium carbonate production plant is currently on schedule. Argosy is also targeting to achieve the first commercial production of lithium from mid-2022.

Argosy holds a 77.5% interest in the Rincon project, located in Salta Province, Argentina. The mine is situated within the ‘lithium triangle’ – the world’s dominant lithium production source.

Argosy noted that major works consisting of earth-moving equipment, site construction of the plant, and associated installations have advanced. As such, Argosy also provided a snapshot of the current progress:

• 8% of earthworks/land movements completed.
• 8% of site works completed (site camp/accommodation, laboratory and office, and other works).
• 16% of the brine system completed (pumping station and plant settling ponds).
• 16% of the process plant completed (plant equipment acquisition and plant warehouse).
• 3% of utilities and associated services (vapour system, communication system and ancillary services).
• 3% plant commissioning works completed (raw materials acquisition and team development works).

Additionally, the entire build stages are expected to run throughout the current calendar year. Thus, completion will be around early 2022.

Once the construction phase is finished, Argosy will begin plant commissioning, test-works, and ramp-up over a 4-month period. Should everything go smoothly, the company will then start production operations.

Management commentary

Argosy managing director, Jerko Zuvela touched on the company’s latest developments, saying:

The Company’s Puna operations team have started positively with the 2,000tpa lithium carbonate production operation construction and development works.

We are excited as we continue our works to transform Argosy into a battery quality lithium carbonate producer and cashflow generator, and further progress toward the 10,000tpa enlarged commercial scale development. We look forward to a significant near-term growth phase with increasing development activity at the Rincon Lithium Project.

Argosy share price summary

In the last 12 months, the Argosy share price has gained around 130%, with year-to-date up 20%. The company’s shares rose strongly at the start of the calendar year, before profit taking took hold. Nowadays, Argosy shares have been moving sideways since the start of March.

On valuation grounds, Argosy has a market capitalisation of roughly $121 million, with 1.25 billion shares on issue.

More reading

• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Westpac (ASX:WBC) reports ‘extraordinary’ Australian consumer confidence
• Treasurer outlines federal budget focus as IMF upgrades Australian outlook
• Cathie Wood’s ARK Invest only owns 4 Dow stocks, and they aren’t what you think
• Genesis Energy (ASX:GNE) share price falters on third quarter update

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is dropping lower. At the time of writing, the benchmark index is down a disappointing 0.45% to 7,033.8 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is up 3.5% to $2.54. This is despite there being no news out of the footwear retailer today. However, earlier this month analysts at Bell Potter spoke positively about the company. According to the note, its analysts have put a buy rating and $2.65 price target on Accent’s shares.

Bank of Queensland Limited (ASX: BOQ)

The Bank of Queensland share price has pushed over 2% higher to $9.11. This follows the announcement of a correction to its earnings per share figures from its half year results earlier this month. In addition to this, this morning Morgan Stanley upgraded the bank’s shares to an overweight rating with a $10.00 price target.

Freelancer Ltd (ASX: FLN)

The Freelancer share price has surged 6% higher to 81.5 cents. Investors have been buying the freelancing marketplace provider’s shares following its first quarter update. Freelancer reported Gross Payment Volume of US$192.9 million for the quarter. This was a record quarterly high and up 39% on the prior corresponding period.

Zip Co Ltd (ASX: Z1P)

The Zip share price has risen 2% to $9.15. This morning rival Afterpay Ltd (ASX: APT) released its third quarter update and advised that it was looking into a US listing. There have been rumours swirling around that Zip was planning to do the same. Doing so could open the company up to US fund managers and give its greater access to capital markets. Investors appear to believe Zip will follow suit in the near term.

More reading

• Why the Bank of Queensland (ASX:BOQ) share price is charging higher today
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• Declining birth rates could threaten the A2 Milk (ASX:A2M) share price
• This major US bank has bought 6% of Zip (ASX:Z1P) shares

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Accent Group and Freelancer Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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