Why JB Hi-Fi, Mesoblast, Pendal, and Woodside shares are pushing higher

Green arrow going up on stock market chart, symbolising a rising share price.

Green arrow going up on stock market chart, symbolising a rising share price.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and dropped into the red. At the time of writing, the benchmark index is down 0.5% to 6,653.4 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 4% to $42.43. Investors have been buying this retail giant’s shares after it reported a record result in FY 2022. JB Hi-Fi expects to post a 3.5% increase in sales to $9,232 million and a 7.7% increase in net profit after tax to $544.9 million. Both will be records for the retailer and were driven by growth across the business.

Mesoblast limited (ASX: MSB)

The Mesoblast share price is up 7% to 91.5 cents. The catalyst for this was the release of an update on the biotechnology company’s rexlemestrocel-L product candidate. That update revealed promising results from a trial treating patients with class II/III chronic heart failure with reduced ejection fraction.

Pendal Group Ltd (ASX: PDL)

The Pendal share price was up over 4% to $4.29 before being placed into a trading halt. The trading halt request reveals that the fund manager has received another takeover proposal. No other details have been provided. Earlier this year, the company rejected a $6.23 per share offer from Perpetual Limited (ASX: PPT).

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 3% to $32.28. Investors have been buying Woodside and other energy shares today after oil prices surged higher overnight. Traders were bidding oil prices higher amid concerns over Russia’s gas supply to Europe. The S&P/ASX 200 Energy index is up 2.1% this afternoon.

The post Why JB Hi-Fi, Mesoblast, Pendal, and Woodside shares are pushing higher appeared first on The Motley Fool Australia.

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