Why Eagers Automotive, Life360, Spark, & Virgin Money UK are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and sinking lower. At the time of writing, the…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and sinking lower. At the time of writing, the benchmark index is down 0.7% to 7,377.9 points.

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

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up 2% to $15.99. Investors have been buying the auto retailer’s shares following the release of its half year update. For the six months ended 30 June, Eagers Automotive expects to record an underlying operating profit before tax from continuing operations of approximately $218.6 million. This will be up 442% on the prior corresponding period.

Life360 Inc (ASX: 360)

The Life360 share price is up 2% to $8.09 following the release of the app maker’s second quarter update. That update revealed that Life360 has seen its global monthly active user (MAU) base increase by 4.2 million over the quarter to reach 32.3 million users. This underpinned a 28% increase in underlying revenue to US$25 million (A$33.8 million) and a 36% jump in annualised monthly revenue (AMR) to US$105.9 million.

Spark Infrastructure Group (ASX: SKI)

The Spark Infrastructure share price has risen 6% to $2.75. This follows news that the electricity distribution company has received another takeover offer. Spark advised that the Ontario Teachers’ Pension Plan Board and KKR have increased their offer to $2.95 per share. This follows two previous offers that were rejected. On this occasion, the Spark Board has granted the suitors due diligence.

Virgin Money UK CDI (ASX: VUK)

The Virgin Money UK share price is up 3% to $3.75. Investors have been buying the UK bank’s shares following its third quarter update. Among the highlights, Virgin Money UK reported a 0.7% increase in mortgages to 58.7 billion pounds and a 2.5% lift in personal lending to 5.2 billion pounds. Another positive was its net interest margin, which increased to 168bps.

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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 Life360, Inc. 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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