In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is tumbling lower. At the time of writing, the benchmark index is down 0.3% to 6,778.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
AGL Energy Limited (ASX: AGL)
The AGL share price is up 2% to $10.38 after announcing plans to split into two businesses – New AGL and PrimeCo. New AGL will be Australia’s largest multi-product energy retailer, leading the transition to a low carbon future. Whereas PrimeCo will be Australia’s largest electricity generator, supporting the economy as the energy market evolves. Management believes the proposed separation will give each business the opportunity to execute their own respective strategies and growth agendas.
Digital Wine Ventures Ltd (ASX: DW8)
The Digital Wine share price has jumped 24% to 18 cents. This morning the wine-focused technology investment company announced that it has entered into a foundation agreement with Bibendum Wine. It is one of Australia’s leading fine wine and beverage distributors. Under the partnership, Bibendum will list a substantial part of its portfolio of international and Australian wines and craft spirits on the company’s Wine Depot market.
REA Group Limited (ASX: REA)
The REA Group share price has risen 3% to $141.41. This appears to have been driven partly by a broker note out of Credit Suisse this morning. In response to its plan to acquire Mortgage Choice Limited (ASX: MOC), the broker upgraded REA Group’s shares from an underperform rating to a neutral rating.
Xero Limited (ASX: XRO)
The Xero share price has climbed over 3% to $126.93. This is despite there being no news out of the cloud-based accounting platform provider today. However, on Monday, Xero was the subject of a bullish broker note out of Morgan Stanley. It retained its overweight and lifted its price target to $140.00. The broker appears pleased with the company’s recent acquisitions of Planday and Tickstar.
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More reading
- AGL (ASX:AGL) share price higher on structural separation plans
- Why the Digital Wine (ASX:DW8) share price is on ice
- ASX 200 dips lower, Webjet drops, REA bids for Mortgage Choice
- What’s happening with the Damstra (ASX:DTC) share price?
- Why Immutep, Inghams, REA Group, & Synlait shares are sinking
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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