In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to record a sizeable decline. At the time of writing, the benchmark index is down 0.6% to 7,333 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Challenger Ltd (ASX: CGF)
The Challenger share price is up 1.5% to $6.70 after naming its new Chief Executive Officer. According to the release, the annuities company has hired from within, promoting Nick Hamilton to the top job. Mr Hamilton has been the Chief Executive of Challenger’s Funds Management business since 2019.
Helloworld Travel Ltd (ASX: HLO)
The Helloworld share price is up 5% to $2.41. This morning the travel company announced the sale of its corporate and entertainment travel businesses in Australia and New Zealand to Corporate Travel Management Ltd (ASX: CTD) for $175 million. This comprises $100 million in cash and $75 million in Corporate Travel Management shares.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has risen 2% to 85 cents after releasing a drilling update from its Kachi Lithium Brine Project. According to the release, new drilling reinforces prior results, supporting the potential expansion of future production to 50,000 tonnes per annum of lithium carbonate equivalent.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is up 5.5% to 19 cents. This follows the release of an update on its Project Haber. According to the release, the strategic significance of Project Haber to the national economy has been recognised at both a State and Federal level. This has seen the project awarded Lead Agency Status from the WA Government and a $2 million grant by the Federal Government as part of the Supply Chain Resilience Initiative.
The post Why Challenger, Helloworld, Lake Resources, and Strike Energy are charging higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: CSL upgraded, Westpac AGM update
- Helloworld (ASX:HLO) share price surges 10% on $175m asset sale
- Why is the Corporate Travel Management (ASX:CTD) share price halted?
- Here’s why the Strike Energy (ASX:STX) share price is surging 13% today
- These 3 ASX 200 shares are topping the volume charts on Monday
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. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Challenger Limited and Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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