In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.3% to 7,070.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Amcor (ASX: AMC)
The Amcor share price is up 3% to $16.84. Investors have been buying this packaging company’s shares after brokers stayed positive on it despite its half year results falling short of expectations. One of those brokers was Morgans. This morning the broker retained its add rating but cut its price target to $18.35.
Boral Limited (ASX: BLD)
The Boral share price has continued its positive run and is up a further 2% to $6.58. Investors have been buying this building materials company’s shares since it announced a multibillion-dollar capital return for shareholders. According to the release, Boral intends to return $3 billion of surplus capital to shareholders. This will be via a $2.65 per share capital reduction and an unfranked 7 cents per share dividend.
Nufarm Ltd (ASX: NUF)
The Nufarm share price has jumped 17% to $5.45 following the release of a trading update. According to the release, the agricultural chemicals company’s first quarter revenue grew 36% over the prior corresponding period. Management advised that this was supported by favourable weather conditions.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 2% to $21.02. This follows the release of the banking giant’s first quarter update. Westpac reported cash earnings of $1.58 billion for the three months. This was up 1% excluding notable items over the quarterly average during the second half of FY 2021. Goldman Sachs notes that this means the bank is run-rating 4% ahead of its first half estimates.
The post Why Amcor, Boral, Nufarm, and Westpac shares are rising today appeared first on The Motley Fool Australia.
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More reading
- Why these brokers think that the CBA (ASX:CBA) share price is a sell
- Nufarm (ASX:NUF) share price leaps 15% as revenue soars
- Energy stocks surge and RBA hoses down the chances of a rate rise. Scott Phillips on Nine’s Late News
- Here’s what this broker thinks of the Westpac (ASX:WBC) Q1 result
- ASX 200 (ASX:XJO) midday update: Westpac higher on Q1 update, tech shares sink
Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Amcor Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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