Why Afterpay, City Chic, EML, and Nickel Mines shares are pushing higher

These ASX shares are avoiding the market weakness and pushing higher…

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The S&P/ASX 200 Index (ASX: XJO) is having a difficult day and is tumbling lower again. In afternoon trade, the benchmark index is down 0.9% to 7,353.4 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 2% to $119.73. While this follows the release of the buy now pay later provider’s annual general meeting update, the main driver has been a rise in the Square share overnight. As Square is acquiring Afterpay in an all-scrip deal, the value of the takeover will rise and fall with the Square share price.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is up 5.5% to $6.44. This follows the release of the retailer’s annual general meeting update. That update reveals that City Chic’s strong comparable sales growth (excluding impact of temporary store closures) has continued into FY 2022. Management also advised that supply lead time buffers have effectively mitigated supply chain issues and it is well stocked in the US and ANZ.

EML Payments Ltd (ASX: EML)

The EML share price is up 3.5% to $2.91. This morning EML Payments released its annual general meeting presentation. At the meeting, EML Payments’ Chair, Peter Martin, said the company believed its current share price “significantly understates the fundamental value and the upside potential of EML.” Management also narrowed its revenue guidance and reaffirmed its operating guidance.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price is up 5.5% to $1.15. Investors have been buying the nickel producer’s shares following an update on its Angel Nickel project. That update reveals that the first production from the project is expected in the first quarter of 2022. This is well ahead of the October 2022 contractual delivery date for the commencement of commissioning.

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