Why Adairs, EML, Fisher & Paykel Healthcare, and NRW are storming higher

These ASX shares are on form on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 7,393.1 points.

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

Adairs Ltd (ASX: ADH)

The Adairs share price is up 5.5% to $3.61. Investors have been buying this homewares retailer’s shares after it announced the acquisition of furniture retailer Focus on Furniture for $80 million. Focus has 23 stores in Australia with revenue of more than $150 million in FY 2021. The release notes that the acquisition builds out Adairs’ product offering in the key area of home furniture and increases its exposure to that market by almost three times.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up almost 26% to $3.46. This follows the release of an update on its dealings with the Central Bank of Ireland. The central bank has advised that it will allow EML’s PFS Card Services Ireland business to sign new customers and launch new programs. In addition, broad-based reductions in limit controls on programs will not be imposed. This appears to have eased concerns that the business could lose its licence to operate in Europe.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up 3.5% to $32.00 following the release of its half year results. While the medical device company posted modest declines in operating revenue and net profit after tax, investors appear to have been expecting much worse. Especially given how it was cycling a period from a year ago when its sales were boosted materially by COVID-19 demand for respiratory devices.

NRW Holdings Limited (ASX: NWH)

The NRW share price is up 10% to $1.77 following the release of the mining services company’s annual general meeting update. At the event, management revealed that following a number of new contract wins, it is maintaining its earnings guidance with a higher degree of certainty. It is forecasting operating earnings before interest and tax of $145 million to $155 million in FY 2022. This is up from $120.6 million in FY 2021.

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