Why Bapcor, Cochlear, Novonix, and Zip shares are rising

These ASX shares are performing positively today…

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The S&P/ASX 200 Index (ASX: XJO) is having a decent day on Tuesday. In afternoon trade, the benchmark index is up 0.15% to 7,392.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Bapcor Ltd (ASX: BAP)

The Bapcor share price is up almost 3% to $7.74. This follows the release of a trading update by the auto parts retailer at its annual general meeting. That update reveals that Bapcor’s revenue was flat during the first quarter despite the negative impact of lockdowns on its stores. In light of this, management has reaffirmed its FY 2022 guidance for earnings at least in line with what was achieved in FY 2021.

Cochlear Limited (ASX: COH)

The Cochlear share price is up 2.5% to $220.72. This has also been driven by the release of an AGM update this morning. According to the release, the hearing solutions company is on track to achieve its guidance in FY 2022. This will be for underlying earnings growth in the range of 12% to 20%.

Novonix Ltd (ASX: NVX)

The Novonix share price has jumped 9% to $5.75. This is despite there being no news out of the battery materials company. However, a number of lithium shares are surging higher today amid increasingly bullish sentiment in the industry. This follows another rise in lithium prices to record highs.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 5% to $7.09. This morning the team at Morgans retained their add rating but trimmed their price target on this buy now pay later provider’s shares slightly to $8.56. This follows the release of its first quarter update on Monday. Morgans felt its revenue growth was commendable given how it is seasonally its weakest quarter.

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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 Cochlear Ltd. and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended Cochlear Ltd. 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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