In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down 0.3% to 6,506 points.
Four ASX shares that are not letting that hold them back are listed below. Hereâs why they are pushing higher:
Ampol Ltd (ASX: ALD)
The Ampol share price is up 5% to $34.77. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and lifted its price target to $39.00. It is bullish due to improving refining margins and increasing fuel volumes.
Downer EDI Limited (ASX: DOW)
The Downer share price is up 2% to $5.07. Investors have been buying this engineering companyâs shares after it announced two major contract wins. Downer has been awarded two road maintenance contracts by Auckland Transport, valued at approximately $800 million over a maximum term of 10 years. Management notes that these contracts expand Downerâs strong working relationship with Auckland Transport.
Fletcher Building Limited (ASX: FBU)
The Fletcher Building share price is up 5% to $4.68. The catalyst for this was the release of the building products companyâs investor day update. That update reveals that management has reiterated its earnings before interest and tax guidance for FY 2022. It expects EBIT before significant items to come in at ~NZ$750 million.
REA Group Limited (ASX: REA)
The REA share price is up 2% to $101.15. This morning analysts at Citi reiterated their buy rating and $153.50 price target on this property companyâs shares. This implies potential upside of ~50% for investors over the next 12 months. Citi sees NSW stamp duty changes as a positive for REA.
The post Why Ampol, Downer, Fletcher Building, and REA shares are pushing higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of January 12th 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- ASX 200 midday update: St Barbara and Zip drop to multi-year lows
- 2 powerhouse ASX shares going for dirt cheap right now: expert
- Why has the REA share price crashed by 40% in 2022?
- Ampol share price slips amid $150 million sustainable financing initiative
- 2 blue chip ASX 200 shares that Goldman Sachs rates as buys
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 recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/qGafgn8
Stock Pick 