In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is tumbling lower. At the time of writing, the benchmark index is down 0.5% to 7,210.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is up 3.5% to $117.49. This follows a strong night on Wall Street which saw the Square share price rebound with a gain of 4.3%. As Square is acquiring Afterpay in an-scrip deal, the value of the takeover rises and falls with the Square share price.
Austal Limited (ASX: ASB)
The Austal share price is up over 4% to $1.95. This follows news that the shipbuilder has been awarded its first steel vessel construction contract by the United States Navy. According to the release, the US$145 million (~A$198.5 million) contract is to build two Towing, Salvage, and Rescue ships.
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is up 5% to $5.69. Investors have been bidding this baby products retailer's shares higher today following a bullish broker note out of Morgans. According to the note, the broker has upgraded the company's shares to an add rating with a $6.20 price target. This follows the release of the company's trading update on Tuesday at its annual general meeting.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is up 5% to $12.92. This morning Citi retained its buy rating and lifted its price target on the furniture retailer's shares to $16.80. It was pleased with the company's acquisition of Plush for $103 million. The broker described Plush and Nick Scali as a compatible low risk match.
