These ASX shares are avoiding the market selloff…
The post Why CBA, Incannex, Judo Capital, and Orica shares are rising appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form again and tumbling lower. At the time of writing, the benchmark index is down 1.5% to 6,961 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up almost 1% to $102.31. This follows the release of the banking giant’s third-quarter update. For the three months ended 31 March, compared to the quarterly average during the first half, CBA reported a 1% decline in operating income to $6,103 million and flat cash earnings of $2,400 million. The latter was 9% ahead of the analyst consensus estimate.
Incannex Healthcare Ltd (ASX: IHL)
The Incannex Healthcare share price is up 11% to 40.5 cents. This morning the medicinal cannabis focused pharmaceutical company announced that it has entered into an agreement to acquire APIRx Pharmaceuticals. Based in the United States, APIRx is a leading pharmaceutical company specialising in cannabinoid active pharmaceutical ingredients and drug products.
Judo Capital Holdings Ltd (ASX: JDO)
The Judo Capital share price is up 7% to $1.74. This follows a positive reaction to the bank’s investor day update from a number of brokers. One of those brokers was Macquarie, which upgraded Judo Capital’s shares to an outperform rating with an improved price target of $2.15. Its analysts believe the company is well-placed to deliver above system growth over the coming years.
Orica Ltd (ASX: ORI)
The Orica share price is up 6% to $16.65. Investors have been buying this commercial explosives company’s shares following the release of its half-year results. Orica reported a 25% increase in revenue to $3,277 million. And while it posted a net loss after tax of $85 million, this was driven partly by a large tax expense. Underlying earnings before interest and tax was up 58% to $245 million.
The post Why CBA, Incannex, Judo Capital, and Orica shares are rising appeared first on The Motley Fool Australia.
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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 Judo Capital Holdings Limited. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.