Why Air New Zealand, Cronos, Soul Patts, and Viva Energy shares are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day deep in the red. At the time of writing, the benchmark index is down 1.5% to 6,705.4 points.

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

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is up almost 8% to 64 cents. Investors have been buying this airline operator’s shares following the release of a trading update. Air New Zealand revealed that it is currently running at 70% of pre-pandemic capacity. In light of this, the company projects earnings before taxes and other significant items to be in the range of NZ$200 million to NZ$275 million for the first half of FY 2023.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is up 10% to 61.5 cents. This follows the release of an update on the cannabis company’s CanView 2.0 platform. According to the release, the six-stage rollout of the platform continues with stage one and two now delivered. It also advised that there are 800 doctors using the platform in Australia, which represents just 3% of its addressable market.

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is up 4% to $2.74. Investors have been buying this fuel retailer’s shares after it announced the $300 million purchase of the Coles Express business from Coles Group Ltd (ASX: COL). The transaction will see Viva Energy own and operate the 710 Coles Express sites currently operated by Coles.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

The Soul Patts share price is up almost 5% to $27.01. This follows the release of the conglomerate’s full year results. Soul Patts reported a 154.4% increase in profit to $834.6 million. This allowed the company to declare a fully franked final ordinary dividend of 43 cents per share and a 15 cents per share special dividend.

The post Why Air New Zealand, Cronos, Soul Patts, and Viva Energy shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares paying out ‘special’ dividends in 2022
• Soul Patts share price jumps 5% on FY22 results
• Air New Zealand share price soars 9% on guidance update
• Viva Energy share price leaps 5% on Coles acquisition
• Brickworks share price edges higher on $746 million profit result

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 Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET and Washington H. Soul Pattinson and Company 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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