Why AMP, Core Lithium, Downer EDI, and IDP Education shares are racing higher

The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday. In afternoon trade, the benchmark index is down 0.95% to 7,532.1 points.

Four ASX shares that have avoided the selloff today are listed below. Here’s why they are rising:

AMP Ltd (ASX: AMP)

The AMP share price has jumped 10% to $1.07. Investors have been buying the financial services company’s shares following the release of its full year results. AMP reported a 6.5% increase in underlying net profit after tax to $196 million. It also revealed that a $295 million share buyback is in the works.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 11% to 20.5 cents. This is despite there being no news out of the lithium miner today. However, with its shares down by 80% since this time last year, some investors may believe that value is emerging. Alternatively, short sellers could be buying shares to close their sizeable positions.

Downer EDI Ltd (ASX: DOW)

The Downer share price is up almost 14% to $4.90. This follows news that the integrated services company has returned to profit growth during the first half of FY 2024. Downer reported a 1% decline in revenue but an 11.9% increase in underlying NPATA to $76.1 million. This allowed the company’s board to increase its interim dividend by 20% to 6 cents per share.

IDP Education Ltd (ASX: IEL)

The IDP Education share price is up 9% to $22.11. This morning, this student placement and language testing company released its half-year results and revealed strong revenue and earnings growth. The latter saw its EBIT increase 25% to $159 million, which was comfortably ahead of the market’s expectations for the half.

The post Why AMP, Core Lithium, Downer EDI, and IDP Education shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• This ASX 200 stock is surging 10% following a return to profit growth
• AMP share price rockets 10% amid 2023 earnings boost
• IDP Education share price jumps 15% after crushing first-half expectations
• Here are the top 10 ASX 200 shares today
• How much could $10,000 invested in Core Lithium shares be worth next year?

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