Month: May 2022

Could the worst be over for the AMP Ltd (ASX: AMP) share price? For years, AMP shares have been synonymous with ‘poor investment’, no way around it. Over the past five years, AMP shares have lost a painful 77.5% of their value.

But the past month or so has proved to be quite a happy time for investors. The AMP share price closed on Friday at $1.18. That’s up significantly from the all-time low of just 86 cents that we saw in the early months of 2022. Indeed, AMP remains up a healthy 18% over the year to date and by the same amount over the past month.

So this marked recovery in AMP’s value might have some optimistic shareholders wondering if the worst is over for the long-suffering financial services company and former ASX 200 blue-chip share.

So is it?

Are better times ahead for the AMP share price?

Well, let’s see what one ASX expert investor reckons. Neil Margolis is the lead portfolio manager at Merlon Captial Partners. He was quoted in a report in the Australian Financial Review (AFR) this week on AMP.

When asked if the AMP share price had finally turned a corner, he replied “I truly hope so”. Here’s some more of what he said on AMP shares:

Now, more than ever, it is down to the discipline of the board to return capital to shareholders, rather than engaging in competitive M&A activity. While AMP’s private markets business was worth a lot more a few years ago, at least its carve-up and sale has exposed the excessive capital being ploughed into it to cash out opportunistic clients.

After completion of the divestments, the vast majority of the company’s current market capitalisation will be backed by cash, earn-outs and other investments, with upside from the remaining platform, banking and advice businesses. Again, we believe downside is limited unless the board allows investment banks into the room to sell the dream of an expanding empire once again.

AMP is indeed aiming to return capital to shareholders. As my Fool colleague Brendon covered earlier this week, the company is likely to undertake on-market share buybacks with the proceeds of its recent Collimate Capital sales. There is also the possibility of capital returns in the form of a special dividend or an off-market buyback program.

No doubt shareholders will be hoping AMP can keep the ball rolling.

At the current AMP share price, the company has a market capitalisation of $3.89 billion.

The post Could the worst now be over for the AMP share price? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• AMP share price rebounds as Woolworths ends $4b superannuation contract
• How is the AMP share price looking in May?
• What rising interest rates can do to ASX shares
• The AMP share price soared 21% in April. Here’s why

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Shares in Commonwealth Bank of Australia (ASX: CBA) have gyrated in recent months, trading mostly sideways in that time after a spike in March.

However, scaling back to the start of 2022, the bank has only managed to clip a 1% gain at the time of writing, in line with the S&P/ASX 200 Financials Index (ASX: XFJ).

In fact, stripping all other ASX financials companies out of the equation and focusing solely on the banks, via the Vaneck Australian Banks ETF (ASX: MVB), the basket has secured a 2% rise on the year. This means CBA is trailing the segment.

What to expect for CBA shares next earnings?

Sentiment is mixed on what the bank might report in its upcoming earnings report, with viewpoints ranging from a large pullback in profits to a substantial jump in after-tax income.

Analysts Matt Ingram and Jack Baxter of Bloomberg Intelligence reckon that CBA could beat estimates by 15% “on the Reserve Bank of Australia (RBA)’s rate hike”.

“CBA’s 2023 profit could beat market estimates by 15% if consensus’ forecast for a 165 basis point (bps) RBA cash-rate rise is realised, which we think is more likely after the central bank hiked by 25 bps to 35 bps and telegraphed more increases,” the duo wrote in a recent note.

“CBA’s beat may be less than ANZ and NAB due to its higher reliance on term deposits, but also due to more bullish sell-side estimates, which already forecast a 5-bp jump in margin,” they added.

Meanwhile, analysts at Citi weren’t as constructive in their criticism of the bank’s expected earnings in their review.

The broker estimates third quarter cash earnings to increase by 3%, offset by an anticipated 3% rise in operating costs, “generating 5% lower pre-provision profit growth”.

Finally, if forward ratings from analysts are anything to go by, it appears the experts don’t expect much juice from CBA’s next earnings squeeze.

Almost 70% of coverage has it as a sell right now, whereas just 1 broker – Jefferies – has it as a buy with a $116 valuation, per Bloomberg data.

Meanwhile, at the bottom of the scale, Morgans values it at $77 per share.

The consensus price target is $94.84 from this group, suggesting there’s more downside potential to come if this average number is right.

The post Own CBA shares? Here’s what to expect when the bank reports next week appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• What’s the outlook for the CBA share price in May?
• Why ASX 200 bank shares are in the spotlight
• Here’s how some of the biggest ASX 200 shares are responding to the RBA’s rate rise
• The CBA share price was the worst performer of the ASX 200 big banks in April. What happened?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The S&P/ASX 200 Resources Index (ASX: XJR) finished the session on Friday down 1.95%. By comparison, the S&P/ASX 200 Index (ASX: XJO) fell 2.16%.

Let’s take a look at the ASX 200 mining shares that were the big price fallers today.

The top 5 fallers in ASX 200 mining shares…

1. The Coronado Global Resources Inc (ASX: CRN) share price lost 8.13% to finish the session at $2.26
2. The AVZ Minerals Ltd (ASX: AVZ) share price lost 7.14% to finish at 78 cents
3. The Lake Resources NL (ASX: LKE) share price lost 6.52% to finish at $1.65
4. The Sims Ltd (ASX: SGM) share price lost 6.16% to finish at $19.04
5. The Liontown Resources Limited (ASX: LTR) share price lost 5.8% to finish at $1.38.

And among the mega miners…

• The South32 Ltd (ASX: S32) share price fell 2.94% to finish at $4.63
• The Rio Tinto Limited (ASX: RIO) share price fell 2.08% to finish at $109.26
• The Newcrest Mining Ltd (ASX: NCM) share price fell 1.71% to finish at $26.43
• The BHP Group Ltd (ASX: BHP) share price fell 1.37% to finish at $46.80
• The Fortescue Metals Group Limited (ASX: FMG) share price finished the session steady at $20.83.

The post Which ASX 200 mining shares were the worst-performing on Friday? appeared first on The Motley Fool Australia.

More reading

• Why is the Lake Resources sliding 7% into the red on Friday?
• Why is the Novonix share price down 6% on Friday?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why is the Rio Tinto share price stretching down a further 3% on Friday?
• The BHP share price is tumbling 3% on Friday. What’s going on?

Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited and Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Today, the S&P/ASX 200 Index (ASX: XJO) was painted red all over as the market’s sentiment waned amid a hawkish outlook from central banks. At the end of the session, the benchmark index finished a disappointing 2.16% lower at 7,205.6 points.

The stampede towards the exit was indiscriminate today, with all ASX sectors firmly in negative territory. To find the best performing sector, we must still settle for a 0.17% loss which was experienced by the consumer staples. This was still leaps and bounds better than the drawdowns across other areas of the market on Friday.

Taking the cake, tech shares slumped a painful 4.47% — adding to the sector’s sustained weakness in recent months.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Unfortunately, on days like today, the market has failed to produce 10 stocks in the green. Nonetheless, these were the shares that managed to hold up the best:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Janus Henderson Group Plc (ASX: JHG) was the biggest gainer today. Shares in the global fund manager inched 0.64% higher following its unceremonious 14% fall yesterday on the back of disappointing results. Find out more about Janus Henderson Group here.

The next best performing ASX share across the market today was Elders Ltd (ASX: ELD). The diversified agribusiness operator moved marginally ahead despite there being no announcements from the company. Uncover the latest Elders details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Janus Henderson Group Plc (ASX: JHG)	$38.00	0.64%
Elders Ltd (ASX: ELD)	$14.37	0.35%
Cimic Group Ltd (ASX: CIM)	$22.03	0.14%
Crown Resorts Ltd (ASX: CWN)	$12.84	0.08%
Domain Holdings Australia Ltd (ASX: DHG)	$3.39	0.00%
Coles Group Ltd (ASX: COL)	$18.46	-0.11%
Nib Holdings Ltd (ASX: NHF)	$7.22	-0.14%
Woolworths Group Ltd (ASX: WOW)	$38.08	-0.16%
Qube Holdings Ltd (ASX: QUB)	$2.86	-0.17%
Monadelphous Group Ltd (ASX: MND)	$10.25	-0.19%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• On a dire day for the ASX, the BrainChip share price just leapt 11%. What’s going on?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Everything you need to know about the latest Macquarie dividend
• ASX 200 midday update: Macquarie and REA updates disappoint
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler has positions in Elders Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Elders Limited and NIB Holdings Limited. 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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The AGL Energy Limited (ASX: AGL) share price closed higher than the broader market on Friday following the release of more details on the company’s planned demerger.

The demerger’s scheme booklet dropped this afternoon. It includes an independent expert report from Grant Samuel on the split.

The expert found the demerger is in the best interests of shareholders, saying the company’s “gentailer” model isn’t “fit for purpose” despite “non-trivial disadvantages”.

As of Friday’s close, the AGL share price is $8.35, 0.83% lower than its previous close. However, earlier in the day it was trading at low as $8.22, representing a 2.37% drop.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) slumped 2.16% on Friday.

AGL share price edges upwards on expert’s support

Grant Samuel has noted a “divergence in the objectives, priorities, and strategies of energy retailers and baseload power producers” has meant that a “‘one-size-fits-all’ gentailer [generator and retailer] model” isn’t effective in today’s energy industry.

After contemplating all avenues forward the expert determined that – in the absence of a fully priced takeover offer – AGL’s planned demerger is in the best interests of shareholders.

As a result, the expert supports AGL’s move to split in two.

In the demerger is successful, AGL Australia will take over the company’s retail operations while Accel Energy will move forward with its generation business.

Though, the expert flagged several disadvantages, costs, and risks arising from the demerger.

Notably, risks will arise from an off-take agreement to be made between the pair. Those risks will present post financial year 2027, said the expert.

It also noted the smaller, less diverse companies might not be able to “absorb” adverse events. The current outage at Loy Yang A is a good example of such an event, Grant Samuel said.

Future funding risks also weighed on the expert, particularly those of Accel Energy, which will take on AGL’s coal-fired power assets.

Finally, the pair will face $35 million of additional corporate costs annually post the demerger. However, the company believes those will be offset by created efficiencies.

What will happen if the demerger is approved?

Shareholders will have their chance to vote on the demerger on 15 June.

If the split receives support from at least 75% of AGL shareholders, the company will undergo a capital reduction. The reduction will see $4.74 wiped from each AGL Energy share.

That $4.74 will then be applied to the acquisition of AGL Australia shares.

AGL Energy shareholders will then own one share in both AGL Australia and Accel Energy. Accel Energy will also have a 15% holding in AGL Australia following the demerger.

AGL Energy as we know is expected to transform at close of trade on 21 June. The following day AGL Australia will list under the ticker AGK.

AGL Energy will change its name to Accel Energy and its ticker to AXL in early July.  

Shareholders who own less than 500 AGL shares will be able to sell or top up their holdings without brokerage costs or stamp duty under a sale facility as part of the demerger.

The split is expected to bring $260 million of one-off transaction and implementation costs.

Of that, $160 million will be spent prior to the meetings and will come out of the the company’s budget even if the demerger is rejected.

What about dividends?

AGL Energy expects to pay a final dividend to shareholders in September after announcing its earnings in August.

That dividend will include AGL Australia’s financial year 2022 earnings.  

AGL Australia will expect to start paying out dividends as of financial year 2023. It will aim to pay out between 60% and 75% of its underlying earnings. Its dividends are expected to be partly franked to start with and fully franked in the future.

Meanwhile, Accel Energy will be looking to pay out between 80% and 100% of its free cash flow after finance costs as dividends. It won’t expect to pay franked dividends until at least financial year 2025.

AGL share price snapshot

Despite today’s slump, the AGL Energy share price is well and truly in the year-to-date green.

It has gained 32% since the start of 2022. Though, it’s still 5% lower than it was this time last year.

The post AGL share price makes partial recovery as expert declares demerger favourable appeared first on The Motley Fool Australia.

More reading

• AGL share price follows market lower despite demerger milestone
• Why are ASX 200 energy shares leaping higher today?
• Here’s why the AGL share price was cooking with gas in April
• Own AGL shares? Boss says Cannon-Brookes made ‘false claims’
• When, why, how? All the details on the AGL demerger and what might happen if it flops

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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While the recent share market weakness has been disappointing, one positive is that it has dragged down a number of high quality ASX 200 shares to attractive levels.

For example, the two ASX 200 shares listed below have been rated as buys by Citi and tipped to climb meaningfully from current levels. Here’s what its analysts are saying:

CSL Limited (ASX: CSL)

The first blue chip ASX 200 share to look at is CSL. This biotherapeutics giant could be a top option for investors after the selloff. Particularly given how Citi believes a number of potential positive catalysts that are on the horizon could be supportive of a share price recovery.

The broker commented: “Over the next six months, we expect the market to focus on the strong underlying plasma market demand, and the closure the Vifor deal, both of which should lead to strength in the share price.”

Citi currently has a buy rating and $335.00 price target on the company’s shares. Based on the latest CSL share price of $267.72, this suggests potential upside of 25% for investors.

Goodman Group (ASX: GMG)

Another ASX 200 share that could be a buy after the market selloff is Goodman Group. It is a leading integrated commercial and industrial property company with a portfolio of high quality properties.

Citi is a big fan of the company and is forecasting double-digit earnings growth over the coming years thanks to strong demand for its properties. In light of this, the broker is likely to see the recent weakness in the Goodman share price as an opportunity to buy this quality company at a big discount to recent levels.

The broker said: “We continue to see guidance as conservative, with our EPS estimates rising 5% in FY22 and c. 6% thereafter. We now forecast c. 23% EPS growth in FY22 and c. 19% EPS CAGR from FY21-FY24. Our TP increases 5% on higher asset values and higher earnings. GMG remains OUR top pick in the sector.”

Citi has a buy rating and lifting its price target to $29.50 on its shares. Based on the current Goodman share price of $20.67, this implies potential upside of almost 43% for investors.

The post 2 strong blue chip ASX 200 shares to buy after the market selloff according to analysts appeared first on The Motley Fool Australia.

More reading

• Is the Goodman share price a big opportunity?
• Broker names 3 ‘champion’ ASX 200 shares to buy and hold
• CSL share price lifts as plasma collections continue recovery
• Here’s why the CSL share price beat the market in April
• Best ASX shares to buy in May 2022

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 CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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It’s been a rather dire day of trading for ASX shares. So far this Friday, the S&P/ASX 200 Index (ASX: XJO) has lost a dreadful 2.2% and is almost back under 7,200 points. As is usual during red days lately, it is the ASX tech sector that is leading these losses. The S&P/ASX All Technology Index (ASX: XTX) has lost close to 4.5% today. But the BrainChip Holdings Ltd (ASX: BRN) share price is proving to be a very notable exception.

BrainChip shares are bucking both the ASX tech sector and the broader market today. And not by a little either. The artificial intelligence (AI) company is currently up by a healthy 2.93% at $1.055 a share, making it one of the best performing shares on the entire share market.

Not only that, but earlier in today’s session, BrainChip rose as high as $1.20 a share, which was a gain of around 11% at the time.

So what is causing this marked outperformance today?

Why is the BrainChip share price defying the ASX’s gloom today?

Well, unfortunately, we might need to call in the Scooby Doo van, because it’s a darn mystery. There hasn’t been a peep from BrainChip today in terms of any news, developments, or announcements.

In fact, today’s rise has been so unusual in its nature that BrainChip actually received an ASX ‘speeding ticket’ this afternoon from the ASX itself. Responding to this ASX price query, BrainChip told the markets that it wasn’t aware of anything that could explain the behaviour of its shares today.

BrainChip shares have been on the rise lately. The company is up around 11% over the past five trading days. it is also up 13% over the past month, and almost 34% in 2022 so far. So maybe investors are so keen to see BrainChip continue with this momentum, they are ignoring the moves of the broader market.

But it’s hard to say for sure what’s going on.

But what is clear is that it has been a very pleasing day for BrainChip shares.

At the current BrainChip share price, this ASX artificial intelligence share has a market capitalisation of $1.84 billion.

The post On a dire day for the ASX, the BrainChip share price just leapt 11%. What’s going on? appeared first on The Motley Fool Australia.

More reading

• Why BrainChip, Coles, Fisher & Paykel Healthcare, and PolyNovo shares are rising
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Everything you need to know about the latest Macquarie dividend
• ASX 200 midday update: Macquarie and REA updates disappoint
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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On Thursday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why they are bearish on them:

AMP Ltd (ASX: AMP)

According to a note out of UBS, its analysts have retained their sell rating and 90 cents price target on this financial services company’s shares. While AMP’s latest update was largely in line with the broker’s expectations, it isn’t enough for a change of rating. UBS continues to have concerns over a structural deterioration in the company’s core wealth business. In light of this, it feels its shares are expensive at the current level. The AMP share price is trading at $1.18 on Friday afternoon.

Commonwealth Bank of Australia (ASX: CBA)

A note out of Citi reveals that its analysts have retained their sell rating and $90.75 price target on this banking giant’s shares. Citi notes that CBA is scheduled to release its quarterly update next week. Its analysts are expecting the bank to report a quarterly profit of $2.2 billion, which will be a 10% decline versus the first-half average. In light of this performance, it doesn’t see value in the bank’s shares at the current level and holds firm with its sell rating. The CBA share price is fetching $102.33 today.

JB Hi-Fi Limited (ASX: JBH)

Analysts at Goldman Sachs have retained their sell rating and lifted their price target on this retailer’s shares slightly to $39.20. This follows the release of a third-quarter update which revealed strong sales growth. However, Goldman Sachs doesn’t expect this strong growth to continue. It feels the “perfect storm” of positive drivers for the company will reverse in FY 2023. The JB Hi-Fi share price is trading at $48.69 on Friday.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• AMP share price rebounds as Woolworths ends $4b superannuation contract
• How is the AMP share price looking in May?
• ASX 200 midday update: ANZ higher on results, Flight Centre and JB Hi-Fi sink following updates
• What’s the outlook for the CBA share price in May?
• Why ASX 200 bank shares are in the spotlight

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Shares of Lake Resources NL (ASX: LKE) are struggling today and look set to finish deep in the red. At the time of writing, investors are paying $1.64 per share for Lake Resources, a 7.37% drop on the day.

Despite no market-sensitive updates from the miner, ASX resources shares have turned sharply in recent weeks, with losses extending well into today’s session.

In the past month of trade, the Lake Resources share price has plunged more than 27% into the red, clipping a 15% loss in the previous week alone.

What’s driving the Lake Resources share price lower?

Investors were originally positive about Lake Resources after the release of its quarterly activities and cash flow report on 21 April.

In its release, Lake highlighted numerous growth updates it had achieved throughout the quarter, although these weren’t exactly news.

Perhaps one key takeout was the company’s signing of new offtake agreements with Ford Motor Company and Japan-based Hanwa.

However, investor sentiment was already turning sour, with the Lake Resources share price sliding from a high of $2.29 per share on 19 April directly to today’s levels.

Broader sector weakness

Also sliding hard from that date was the major indices covering Aussie metals, mining and materials companies.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) has fallen 12% since that date alongside the S&P/ASX 200 Materials Index (ASX: XMJ) with an 11% drop.

The downside in both sectors has been attributed to a number of factors, ranging from profit-taking, the US Federal Reserve’s decision to hike interest rates, and global commodity exchange-traded funds (ETFs) realising outflows in April.

Not helping the picture is the price of lithium, with lithium carbonate finally realising a peak and levelling off before showing its first downward move in more than 12 months.

It now trades 7% off its highs achieved in late March 2022.

With broad weakness in the sector and a softening underlying market, several names like Lake Resources have seen their share price take a U-turn lately.

In the last 12 months, the Lake Resources share price has soared more than 505% and is still up 62% this year to date.

The post Why is the Lake Resources sliding 7% into the red on Friday? appeared first on The Motley Fool Australia.

More reading

• Why is the Novonix share price down 6% on Friday?
• Investing in ASX lithium shares? Here’s what you need to know
• Here’s why ASX lithium stocks are rocketing higher today
• What will the lithium price be in 2025?
• Brokers name 3 ASX lithium stocks to buy now

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is sinking deep into the red on Friday. In afternoon trade, the benchmark index is down 2.3% to 7,194.1 points.

Four ASX shares that have defied the selloff and pushed higher are listed below. Here’s why they are rising:

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is up 3% to $1.06. The artificial intelligence technology company’s shares were up as much as 18% at one stage. This resulted in the company being hit with a price query from the Australian stock exchange. BrainChip advised that it could not explain the rise and its shares quickly gave back the majority of their earlier gains.

Coles Group Ltd (ASX: COL)

The Coles share price is up 1.5% to $18.75. This appears to have been driven by demand for defensive shares amid the market selloff. As a supermarket operator, Coles is seen as a good hedge against rising inflation.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up over 2% to $19.84. This is despite there being no news out of the medical device company. However, the company’s shares were trading at a two-year low earlier this week. Some investors may believe this has created a buying opportunity.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 4.5% to 90.5 cents. Investors have been buying this medical device company’s shares after it revealed that insiders have been buying shares. One of those was PolyNovo’s chairman, David Williams. He picked up 500,000 shares through an on-market trade on Thursday. Mr Williams paid an average of $0.8689 per share, which represents a total consideration of $434,450.

The post Why BrainChip, Coles, Fisher & Paykel Healthcare, and PolyNovo shares are rising appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• Guess which ASX 200 shares are defying today’s sell-off to climb higher
• PolyNovo share price jumps despite the market selloff amid heavy insider buying
• ASX 200 midday update: Macquarie and REA updates disappoint
• Could these 3 ASX dividend shares still beat the piggybank if rates hit 2.5%?

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 POLYNOVO FPO. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. 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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