Why ANZ, Block, Bubs, and PayGroup shares are pushing higher

These ASX shares are on for m on Thursday…

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Green arrow going up on stock market chart, symbolising a rising share price.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.1% to 6,516.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are pushing higher:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The ANZ share price is up 1.5% to $22.15. Investors have been buying this banking giant’s shares amid rumours that it could be making a major acquisition. ANZ is understood to be running the rule over a multi-billion-dollar purchase of accounting software company MYOB. The bank is believed to be interested in building a one-stop platform for small businesses.

Block Inc (ASX: SQ2)

The Block share price is up 3% to $87.49. This is despite the payments giant’s US listed shares having an average night on Wall Street. However, when adjusting for current foreign exchange rates, this gain brings Block’s ASX listed shares largely in line with the value of their US counterparts.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is up 3% to 64 cents. This follows the release of yet another announcement relating to its US infant formula shipments. Today’s update, the sixth in the space of a month, reveals that two planes have been sourced for its next shipments. No changes have been made to Bubs’ overall plan to ship 1.25 million tins to the US to help with shortages.

PayGroup Ltd (ASX: PYG)

The PayGroup share price is rocketing 157% higher to 94 cents. The catalyst for this impressive gain has been a takeover approach for the human capital management (HCM) solutions company. According to the release, Deel has offered $1 per share in cash, which equates to a total consideration of $119.3 million.

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. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended BUBS AUST FPO. 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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