Why Aussie Broadband, BlueBet, Hipages, and JB Hi-Fi shares are rising

These ASX shares are performing strongly today…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is tumbling lower. At the time of writing, the benchmark index is down 0.4% to 7,417.6 points.

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

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price is up 5% to $4.80. This follows the release of the telco’s annual general meeting update. Although the update was scant on new information, investors appear to be responding positively to some of management’s comments. One of those was that its fibre build project is going well and is expected to boost margins in FY 2023 onwards.

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has jumped 15% to $1.99 following its first quarter update. For the three months ended 30 September, the sports betting company reported a 63.8% increase in active customers to 39,195. This underpinned a 67.4% jump in turnover to $125.9 million.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price is up 3.5% to $3.78. The catalyst for this was the online tradie marketplace provider’s first quarter update. Despite lockdowns in New South Wales and Victoria, Hipages continued to grow its recurring revenue. It reported a 14% increase in revenue over the prior corresponding period to $14.9 million. Approximately 96% of this revenue is now recurring in nature.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 3% to $48.21. This is despite the release of a first quarter sales update which revealed a decline year on year. For the three months ended 30 September, JB Hi Fi Australia saw a 7.5% decline in sales over the prior corresponding period. It was a similar story for the Good Guys business, which reported a 5.6% decline in sales. The market appears to have been expecting softer sales.

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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 Aussie Broadband Limited and Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Aussie Broadband Limited, BlueBet Holdings Ltd, and Hipages Group Holdings 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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