Why 5E Advanced Materials, IAG, Magnis, and Woodside shares are pushing higher

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.7% to 7,020.1 points.

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

5E Advanced Materials Inc (ASX: 5EA)

The 5E Advanced Materials share price is up 18% to $2.60. This morning the boron and lithium explorer announced that it has entered into an agreement with Bluescape Energy Partners. The US investor will buy $60 million of secured convertible notes. 5E Advanced Materials also advised that the construction of a small-scale boron facility is on schedule for completion in the final quarter of this year.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up 1% to $4.66. Investors have been buying this insurance giant’s shares after responding positively to its full year results release. IAG reported a net profit after tax of $347 million for the 12 months ended 30 June. This was up from a $427 million loss in the prior corresponding period.

Magnis Energy Technologies Ltd (ASX: MNS)

The Magnis share price is up 29% to 47 cents. This morning the energy technology company announced that commercial production is underway at its lithium-ion battery plant in New York. Magnis plans to produce several thousand lithium-ion cells in the next month for quality assurance before increasing annual production levels to 1GWh by the end of 2023.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 2.5% to $32.43. Investors have been buying Woodside and other energy shares today after the IEA increased its demand growth forecasts. This has led to the S&P/ASX 200 Energy index rising by over 1.7% this afternoon despite the market decline.

The post Why 5E Advanced Materials, IAG, Magnis, and Woodside shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Everything you need to know about the latest IAG dividend
• Here’s why the 5E Advanced Materials share price just rocketed 20%
• Magnis share price rockets 36% on New York lithium battery plan
• IAG share price lifts despite mixed FY22 earnings results
• IAG share price on watch as company reports $347 million in earnings

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 positions in and has recommended Insurance Australia Group 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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