The S&P/ASX 200 Index (ASX: XJO) has taken a tumble this afternoon after the Reserve Bank surprised the market with a rate hike. In afternoon trade, the benchmark index is down 0.85% to 7,271.6 points.
Four ASX shares that are not letting that hold them back are listed below. Hereâs why they are rising today:
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price is up 5% to $2.54. This follows the release of an update from the waste management company at an investor conference. Management revealed that it continues to expect underlying EBITDA of $670 million in FY 2023. And with depreciation and amortisation expected to be approximately $370 million, the companyâs EBIT is forecast to come in at $300 million.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 2% to $7.10. This morning, Bell Potter upgraded the grain exporterâs shares to a buy rating with an $8.00 price target. It commented: âEl Niño events can undermine near term earnings (i.e. FY24e), however, we see the current share price as beginning to reflect value on a through the cycle basis.â
Healius Ltd (ASX: HLS)
The Healius share price is up over 2% to $3.09. This follows the release of a broad market update. Healius revealed that it has received cash proceeds of $127 million from the sale of Montserrat Day Hospitals. It also announced a new debt covenant waiver and confirmed that it is on track to achieve consensus earnings estimates in FY 2023.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 1% to $1.65. This medical device companyâs shares were up as much as 12% at one stage after it announced the first sales of a new product. PolyNovo has sold its advanced wound care treatment called NovoSorb MTX to two hospitals in the US. It said its first sales had âoccurred faster than expected.â
The post Why Cleanaway, Graincorp, Healius, and PolyNovo shares are pushing higher today appeared first on The Motley Fool Australia.
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More reading
- PolyNovo share price soars 12% amid ‘exciting times ahead’
- ‘Attractive entry point’: 2 ASX 200 dividend shares to pounce on right now
- 5 things to watch on the ASX 200 on Tuesday
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Wednesday
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. 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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