Why Block, Domain, Metcash, and Zip shares are pushing higher

These ASX shares are rising on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.5% to 7,308.2 points.

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

Block Inc (ASX: SQ2)

The Block share price is up 5.5% to $149.94. This follows a similarly strong gain by the payments giant’s NYSE listed shares on Monday night. This was driven by a rebound in the tech sector following a meltdown on Friday night which sent the tech-focused Nasdaq index sinking 4% lower.

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is up 2.5% to $3.50. Investors have been buying this property listings company’s shares after it released a trading update ahead of an investor conference appearance. That update revealed that digital revenue increased 25% during the third quarter and total revenue was up 24% for the quarter.

Metcash Limited (ASX: MTS)

The Metcash share price is up 1.5% to $4.83. This morning the wholesale distributor announced that it has entered into an agreement with Australian United Retailers to supply its national network of supermarkets and convenience stores for a further five-year period. Australian United Retailers’ network comprises more than 540 independently owned supermarkets and convenience stores.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 5% to $1.15. This is despite there being no news out of the buy now pay later provider today. In fact, the only real news relating to the company is a bearish broker note out of UBS. This morning the broker reiterated its sell rating and cut the price target on Zip’s shares down to a lowly 90 cents.

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. has positions in and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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