The S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a disappointing decline. In afternoon trade, the benchmark index is down 0.95% to 7,047.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
EML Payments Ltd (ASX: EML)
The EML Payments share price is up 9% to $1.16. Investors have been buying this payments company's shares following the release of its full year results. EML delivered a better than expected profit result and announced a small share buyback. This appears to have led to short sellers closing positions in a hurry.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is up over 5% to $2.07. This morning this aerial imagery company announced that it has accepted a takeover approach. The Nearmap board is unanimously recommending that shareholders vote in favour of Thoma Bravo's $2.10 cash per share offer. This is in the absence of a superior proposal and subject to the independent expert's report.
NIB Holdings Limited (ASX: NHF)
The NIB share price is up over 7% to $7.81. The catalyst for this has been the release of the private health insurer's full year results for FY 2022. NIB reported a 7.2% increase in revenue to $2.8 billion but a 16.6% decline in net profit to $133.8 million. The latter, which was driven by investment losses, was slightly ahead of consensus estimates.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is up 3% to $10.32. Investors have been buying this furniture retailer's shares after its full year results impressed the market. Despite the cost of living crisis, the retailer delivered an 18.2% increase in revenue to $441 million. And while margin pressures led to its underlying profit falling 4.9% to $80.2 million, this didn't stop the company from increasing its dividend in FY 2022.
