In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 1.9% to 6,830.4 points.
Four ASX shares that are defying the selloff are listed below. Here’s why they are pushing higher:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 9% to $1.42. This follows the release of a number of bullish broker notes in response to its recent quarterly update. One of those notes came from Morgans, which retained its add rating and increased its price target to $1.72. It suspects the company could upgrade its guidance with its half year results.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo share price is up 3% to $17.33. Investors have been buying this lottery ticket seller’s shares after it announced an agreement to acquire UK-based StarVale Group for $32.1 million. StarVale is a leading External Lottery Manager (ELM) and a digital payments company. The company provides a full range of Society Lottery services (weekly lottery and raffle) and prize draw services.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up 1.5% to $26.97. This morning the retail giant revealed that it expects to achieve first half sales and earnings growth despite losing 42,000 trading days. The Premier Retail business’ sales are expected to come in at $769 million and EBIT is expected to be $209.5 million to $211.5 million. This represents growth of 0.5% on the top line and 4.2% to 5.3% on the bottom line.
Western Areas Ltd (ASX: WSA)
The Western Areas share price is up 3% to $3.55. This follows the release of the nickel producer’s quarterly update. For the three months ended 31 December, Western Areas delivered a 12.2% increase in total mined nickel to 4,600 tonnes. This underpinned a 13% increase in nickel sold to 4,511 tonnes. Western Areas also revealed that its realised nickel price increased to $12.48 per pound from $11.90 per pound.
The post Why Beach, Jumbo, Premier Investments, and Western Areas are pushing higher appeared first on The Motley Fool Australia.
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More reading
- In a sea of red, this ASX All Ordinaries share is hitting 2-year highs. Here’s why
- Jumbo Interactive (ASX:JIN) share price leaps 6% on acquisition announcement
- ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again
- Premier (ASX:PMV) share price jumps 9% after solid growth despite losing 42,000 trading days
- Why are ASX 200 energy shares tumbling on Tuesday?
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 Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited and Premier Investments 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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