In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.7% to 7,475.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher today:
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up 1% to $105.30. Investors have been buying CBA and other big four banks today in response to comments out of the Reserve Bank of Australia on Tuesday. The central bank has indicated that it could raise the cash rate soon, which would be a boost to CBA’s interest income.
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is up 3% to $7.30. The catalyst for this appears to be a broker note out of Macquarie this morning. According to the note, the broker has upgraded the travel company’s shares to an outperform rating with an improved price target of $8.00. Kelsian recently changed its name from Sealink.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is up over 6% to $1.14. Investors have been buying this medical device company’s shares following the release of its third quarter update. According to the release, PolyNovo delivered unaudited revenue of A$12.26 million during the three months. This represents a 59.3% increase on the revenue of A$7.69 million reported during the prior corresponding period. This was underpinned by strong growth in the US and ANZ regions.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is up 5.5% to $3.08. This morning the memory technology developer revealed that demo chips integrating its embedded Resistive Random-Access Memory (ReRAM) module have successfully completed their functional testing phase. Management notes that this is a key step towards delivering a commercial product.
The post Why CBA, Kelsian, PolyNovo, and Weebit Nano shares are pushing higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
- Weebit Nano share price jumps 8% on ReRAM update
- Why is the PolyNovo share price surging 13% higher today?
- Could the CBA share price be heading back under $100 this month?
- ASX 200 banks bounce bank in March. Here are the April forecasts from analysts
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 POLYNOVO FPO. 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 Bruce Jackson.
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