The most common and most likely answer to this crossword clue is the 9 letter word CONJURING
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Buddy explains!

The straight part
We know that "Performing magic" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case performing magic = conjuring.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CONJURING mean?
CONJURING verb- To perform magic tricks.
- To summon (a devil, etc.) using supernatural power.
- To practice black magic.
- To enchant or bewitch.
- To evoke.
- To imagine or picture in the mind.
- To make an urgent request to; to appeal to or beseech.
- To conspire or plot.
- (gerund of conjure) An act in which something is conjured