Why CSL, IPH, Renascor, and Treasury Wine shares are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 7,113.6 points.

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

CSL Limited (ASX: CSL)

The CSL share price is up almost 3% to $300.48. This morning the team at Citi responded to CSL’s full year results by retaining its buy rating with a slightly trimmed price target of $340.00. While the broker believes there are “more questions than answers” with the company’s FY 2023 outlook, it has seen enough to retain its bullish view on the biotherapeutics giant.

IPH Ltd (ASX: IPH)

The IPH share price is up 14% to $10.08. This follows the release of the intellectual property services company’s full year results. IPH reported revenue growth of 6% to $385.1 million. In addition, the company announced an agreement to acquire Smart & Biggar for almost $400 million. It is a leading Canadian intellectual property firm.

Renascor Resources Ltd (ASX: RNU)

The Renascor share price is up 10% to 22 cents. Investors have been buying this graphite developer’s shares after it announced an upgrade to the Siviour mineral resource. This upgrade makes Siviour the second largest reported proven graphite reserve in the world and the largest graphite reserve outside Africa. Management expects it to support a 40-year mine life with production of graphite concentrates up to 150,000 tonne per annum.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is up 3% to $13.04. This follows the release of a full year result that came in ahead of expectations in FY 2022. The wine giant’s net profit after tax before material items and SGARA was up 4.2% to $322.6 million. This compares favourably to the market consensus estimate of $314.4 million. Stronger margins across its divisions helped drive the profit growth.

The post Why CSL, IPH, Renascor, and Treasury Wine shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• IPH share price just rocketed 17% on results and acquisition news
• Treasury Wine share price defies market slump. Could it be the dividend boost?
• Broker gives its verdict on the CSL share price post-FY22 results
• Treasury Wine share price on watch after FY22 earnings beat
• 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 CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended IPH Ltd. The Motley Fool Australia has recommended IPH Ltd and Treasury Wine Estates Limited. 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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