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Why Accent, AMP, De Grey, & Nuix shares are charging higher

Here’s why Accent Group Ltd (ASX:AX1) and Nuix Ltd (ASX:NXL) are two of four ASX shares charging notably higher on Friday…
The post Why Accent, AMP, De Grey, & Nuix shares are charging higher appeared first on The Motley Fool Australia. –

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small daily decline. At the time of writing, the benchmark index is down 0.15% to 7,045.6 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price has jumped 6.5% to $2.77. The catalyst for this was news that the retailer has signed an agreement to acquire Glue Store and the wholesale and distribution brands of Next Athleisure for a cash consideration of $13 million. Glue Store operates a network of 21 stores and an integrated online site, with around 500,000 loyalty program members. It currently generates annual sales of approximately $90 million, including $16.6 million of online sales.

AMP Ltd (ASX: AMP)

The AMP share price is up 1.5% to $1.15. Investors have been buying the financial services company’s shares after it announced demerger plans. AMP revealed that it intends to pursue a demerger of AMP Capital’s Private Markets business. It believes the demerger will create two focused businesses that are better equipped to pursue and allocate capital to distinct growth opportunities.

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up almost 10% to $1.46. Investors have been buying the gold exploration company’s shares following the release of drilling results. According to the release, strong mineralisation has been intersected at its Aquila and Crow sites. In respect to the latter, visible gold was intersected again in the McLeod lode at Crow.

Nuix Ltd (ASX: NXL)

The Nuix share price is pushing 5.5% higher to $4.53. This gain appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has retained its overweight rating but trimmed its price target to $7.50. Although its guidance downgrade was disappointing, Morgan Stanley remains positive. It feels the global forensic and investigative software market is a structural growth story.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Accent Group and Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Accent, AMP, De Grey, & Nuix shares are charging higher appeared first on The Motley Fool Australia.

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