Why Beach, Clinuvel, Deep Yellow, and EML shares are charging higher today

The S&P/ASX 200 Index (ASX: XJO) is having a tough finish to the week. In afternoon trade, the benchmark index is down a disappointing 1.1% to 7,627.6 points.

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

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up 2.5% to $1.70. This appears to have been driven by another rise in oil prices overnight. Traders have been bidding oil prices higher this week in response to news of attacks on Russian oil refineries. It isn’t just Beach Energy shares that are rising on Friday. The S&P/ASX 200 Energy index is defying the market weakness and is up 1.3% at the time of writing.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is up a further 2% to $14.92. Investors have been buying this biopharmaceuticals company’s shares this week after it announced an on-market share buyback. Clinuvel is aiming to buy back up to 1.5 million shares over the next 12 months. This equates to approximately 3% of its outstanding share capital. Management advised that its decision reflects its view that the recent decline of market valuation is no longer commensurate with the performance and expected outlook for the company.

Deep Yellow Limited (ASX: DYL)

The Deep Yellow share price is up over 3% to $1.20. This morning, this uranium developer announced the completion of the first tranche of its placement. This has seen the company issue approximately 114.7 million shares to qualified, institutional, sophisticated, and professional investors at a price of $1.225 per new share. This represents a premium to where its shares were last trading. The proceeds will be used to advance the development of the Tumas Project. This includes the commencement of construction post final investment decision and securing debt financing.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 7% to $1.21. This follows news that the payments company has agreed to sell its loss-making Sentenial business. Investors appear pleased to see the back of the business, even though the selling price is half what EML paid for it in 2021. GoCardless is buying Sentenial for an enterprise value of 32.75 million euros (A$54.1 million). EML expects the sale to be earnings and cashflow accretive in the first year.

The post Why Beach, Clinuvel, Deep Yellow, and EML shares are charging higher today appeared first on The Motley Fool Australia.

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More reading

• Why is this ASX 300 uranium stock avoiding the market selloff and racing higher?
• 1 All Ords stock quietly crushing the ASX today
• 5 things to watch on the ASX 200 on Friday
• Why Arafura, Bubs, Clinuvel, and Superloop shares are racing higher today
• 5 things to watch on the ASX 200 on Thursday

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 EML Payments. 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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