The S&P/ASX 200 Index (ASX: XJO) is having an underwhelming finish to the week. In afternoon trade, the benchmark index is down 0.1% to 8,824.2 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Block Inc (ASX: XYZ)
The Block Inc share price is up 7% to $125.13. Investors have been buying the payments company's shares following the release of a stronger than expected second quarter update. Block reported a 14% increase in gross profit to US$2.54 billion. This reflects a 16% jump in Cash App gross profit to US$1.5 billion and an 11% lift in Square gross profit to US$1.03 billion. CEO Jack Dorsey stated: "We had a strong second quarter. Square GPV grew 10% year over year and Cash App gross profit grew 16% year over year, accelerating as we exited Q2. Our focus on products that can drive network expansion is already paying off as we started rolling out Pools on Cash App in July, just four months after kicking off development work."
Iress Ltd (ASX: IRE)
The Iress share price is up over 11% to $9.35. This follows news that the financial technology company is a potential takeover target. This morning, Iress stated that it "notes the recent media speculation in relation to potential acquisition interest in the Company. Iress' Board of Directors confirm that it had considered a prior approach at a price of A$10.50 cash per share from Blackstone in relation to a potential acquisition. That offer was withdrawn"
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is up 9.5% to $20.99. The catalyst for this was the release of the furniture retailer's full year results this morning. Nick Scali reported a 5.8% lift in group revenue to $495.3 million but a 24.4% decline in net profit after tax to $62 million. The good news is that sales are up strongly so far in FY 2026.
Westgold Resources Ltd (ASX: WGX)
The Westgold Resources share price is up a further 6% to $3.07. Investors have been buying this gold miner's shares since it released its guidance for FY 2026 this week. Westgold expects production of 345k ounces to 385k ounces for the year. This represents a 5.7% to 18% increase on FY 2025's production. This is expected to be achieved with an all-in sustaining cost (AISC) of $2,600 to $2,900 per ounce. In response, Macquarie has retained its outperform rating and $3.60 price target on its shares.
The post Why Block, Iress, Nick Scali, and Westgold shares are storming higher today appeared first on The Motley Fool Australia.
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 and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Nick Scali. 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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