In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.7% to 7,239.8 points.
Four ASX shares that are avoiding the market weakness today are listed below. Here’s why they are pushing higher:
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up over 4% to $4.74. Investors have been buying this insurance giant’s shares following the release of its half year results. For the six months ended 31 December, IAG delivered a cash profit of $176 million. While this was short of what the market was expecting, investors appear to be willing to overlook this due to management upgrading its FY 2022 gross written premium (GWP) guidance. It now expects GWP growth in the mid single-digits compared to low single digits.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is up 3% to $122.50. Investors have been buying Rio Tinto and other iron ore miners after the steel making ingredient continued its ascent. According to CommSec, the spot iron ore price has risen by a sizeable US$7.00 or 4.8% to US$153.75 a tonne.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price is up 7.5% to $5.66. Investors have been buying this shopping centre operator’s shares after its announced the sale of a 45% stake in Westfield Carré Sénart and the creation of a joint venture with Societe Generale Assurances and BNP Paribas Cardif.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 1% to $22.83. Investors may be buying the banking giant’s shares due to the prospect of rising interest rates. A stronger than expected inflation reading in the US has led to speculation the US Federal Reserve could act sooner. Rising rates would be a boost to the bank’s margins.
The post Why IAG, Rio Tinto, Unibail, and Westpac shares are pushing higher appeared first on The Motley Fool Australia.
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More reading
- Merci! Here’s what’s driving the Unibail (ASX:URW) share price 7% higher today
- Here’s why the IAG (ASX:IAG) share price is charging 4% higher today
- ASX 200 (ASX:XJO) midday update: IAG upgrades guidance, Magellan sinks again
- Here’s what Rio Tinto (ASX:RIO) boss says is ‘causing some challenges’ right now
- 2 buy-rated ASX dividend shares with 4%+ yields
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 Insurance Australia Group 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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