Why Afterpay, ANZ, JB Hi-Fi, & Zip shares are pushing higher

These ASX shares are on form today…

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The S&P/ASX 200 Index (ASX: XJO) has fought back valiantly from a morning selloff and is now trading only modestly lower. In afternoon trade, the benchmark index is down 0.1% to 7,276.8 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 3% to $108.35. Investors have been buying this payments company’s shares after it announced the rollout of its Money by Afterpay app. The app will initially be rolled out to Australian staff, followed by a full Australian customer launch in October. It will provide users with a 1% per annum interest rate on savings accounts, as well as a daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real time payments.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The ANZ share price is up 1.5% to $27.53. The catalyst for this was the banking giant’s announcement of a $1.5 billion on-market share buy-back. ANZ’s Chief Executive Officer, Shayne Elliott, advised that the bank considered the current lockdowns when making the decision to undertake the buy-back. The bank also revealed that further capital returns will be considered.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up over 2% to $48.74. This follows the release of the retail giant’s full year update. According to the release, JB Hi-Fi reported a 12.6% increase in total sales to $8.9 billion in FY 2021. And thanks to operating leverage, it expects to report a net profit after tax of $506.1 million. This represents an increase of 67.4% year on year.

Zip Co Ltd (ASX: Z1P)

The Zip share price has stormed 5% higher to $7.39. This is despite there being no news out of the buy now pay later provider. However, with its shares falling heavily over the last 30 days, this gain could have been driven by bargain hunters swooping in. In addition, speculation that Zip could be a takeover target has given its shares a lift.

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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. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T 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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