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Why Althea, Audinate, Perenti, & Viva Energy shares are pushing higher

These ASX shares are ending the week strongly…
The post Why Althea, Audinate, Perenti, & Viva Energy shares are pushing higher appeared first on The Motley Fool Australia. –

In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 1.5% to 7,228.6 points.

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

Althea Group Holdings Ltd (ASX: AGH)

The Althea share price is up 3% to 36 cents. Investors have been buying the cannabis company’s shares after it signed a manufacturing agreement with Delshen Therapeutics Corp. It is a wholly owned subsidiary of 48North Cannabis Corp, which is a Canadian cannabis licensed operator and brand marketer. According to the release, Althea’s Peak Processing Solutions business will manufacture four products for 48North’s Latitude brand with minimum order quantities of C$1.25 million.

Audinate Group Ltd (ASX: AD8)

The Audinate share price has jumped 6.5% to $9.19. This follows the release of a full year update by the audio over IP networking solution provider. That update reveals that Audinate achieved revenue of US$25 million in FY 2021. This was an increase of 23% from the US$20.4 million it achieved a year earlier. Audinate’s solid growth was driven partly by an extremely strong fourth quarter performance. During the three months ended 30 June, the company’s revenue increased 74% over the prior corresponding period.

Perenti Global Ltd (ASX: PRN)

The Perenti share price is up almost 3% to 75.5 cents. The catalyst for this was an announcement that the engineering company’s Barminco business has finalised a contract with Panoramic Resources Limited (ASX: PAN). The contract is for development and production works at the Savannah Nickel Project in the Kimberley region of Western Australia. The finalised contract represents a value of approximately $280 million over a four-year term.

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is up over 4% to $2.05. Investors have been buying the energy company’s shares following the release of a first half update. According to the release, Viva Energy had a very strong first half thanks to sales growth from its non-aviation businesses. It expects first half operating earnings of $390 million to $410 million. This will be an increase of 34% over the pre-pandemic levels of FY 2019.

The post Why Althea, Audinate, Perenti, & Viva Energy shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

Why the Viva (ASX:VEA) share price is 5% higher
ASX 200 midday update: Afterpay & CBA sink, Viva Energy jumps

Why the Althea (ASX:AGH) share price is charging higher today
Audinate (ASX:AD8) share price jumps 6% on FY 2021 update
Why Alkane, Audinate, Megaport, & Zip shares are rising 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. owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. 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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