In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has slipped into the red. The benchmark index is currently down slightly to 7,655.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 14.5% to $5.78. This has been driven by the release of the infant formula company’s half-year results. A2 Milk reported a 3.7% increase in revenue to NZ$812.1 million and a 15.6% jump in net profit after tax to NZ$85.3 million. Looking ahead, management has upgraded its FY 2024 revenue guidance to low to mid single-digit growth.
APM Human Services International Ltd (ASX: APM)
The APM share price is up 50% to $1.24. Investors have been buying this human services provider’s shares after it received and rejected a takeover approach. CVC Asia Pacific offered to acquire APM by way of a scheme of arrangement for $1.60 per share. This represented a 93% premium to its last close price and valued the company at approximately $1.5 billion. Its board believes the proposal does not sufficiently reflect the fundamental value of APM.
Boral Ltd (ASX: BLD)
The Boral share price is up 4% to $6.08. This follows news that its largest shareholder, Seven Group Holdings Ltd (ASX: SVW), has made a takeover offer. The investment company is looking to acquire the building materials company for up to $6.25 per share in scrip and cash.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price is up 6% to $4.67. This morning, this plumbing parts company released its half-year results and revealed a 2% decline in sales but a modest lift in net profit after tax. This appears to have been better than the market was expecting.
The post Why A2 Milk, APM, Boral, and Reliance Worldwide shares are pushing higher today appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX 200 stock is surging 9% on robust cash generation?
- APM shares rocket 73% after rejecting $1.5b takeover
- Why are Boral shares outperforming the ASX 200 today?
- A2 Milk share price jumps 12% on solid half-year results
- Here are the top 10 ASX 200 shares today
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 Reliance Worldwide. The Motley Fool Australia has recommended A2 Milk and APM Human Services International. 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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