Why Allkem, NAB, Pushpay, and Virgin Money UK shares are rising

These ASX shares are pushing higher today…

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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 slightly to 7,143.4 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 4% to $13.53. Investors have been buying lithium shares today amid optimism that demand will continue to outstrip supply for some time to come. This could lead to lithium prices remaining higher from longer.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is up 2% to $31.36. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its conviction buy rating and $34.17 price target on the bank’s shares. Goldman believes that NAB’s balance sheet mix provides investors with the best exposure to the domestic system growth the broker is forecasting over the next 12-18 months.

Pushpay Holdings Ltd (ASX: PPH)

The Pushpay share price has jumped 14% to $1.28. This follows news that the donations technology company has received a takeover proposal from BGH Capital and Sixth Street. While no details have been provided, the suitors appear to mean business. They have already accrued a combined 20% interest in Pushpay recently.

Virgin Money UK (ASX: VUK)

The Virgin Money UK share price is up 3% to $2.65. This follows an even stronger gain by the UK-based bank’s London-listed shares during overnight trade. This was despite there being no news out of Virgin Money. Though, it is worth noting that banks performed positively on Wall Street and elsewhere last night following a strong update from JP Morgan.

Motley Fool contributor James Mickleboro has positions in Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has positions in and has recommended PUSHPAY FPO NZX. 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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