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Why these 4 ASX shares stormed higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of Wall Street and sunk notably lower on Thursday. In afternoon trade the index is down 2.2% to 5,698.4 points.

Four shares that have defied the market selloff are listed below. Here’s why they stormed higher:

The Audinate Group Limited (ASX: AD8) share price is up 2% to $3.48. This morning the digital audio-visual network technology provider announced a record first quarter result. During the quarter Audinate recorded cash collection of $6.8 million, up 51% from $4.5 million in the prior corresponding period. Management advised that the core chips, cards and modules business continued to perform well, along with ongoing strong initial demand for AVIO adapters.

The Cleanaway Waste Management Ltd (ASX: CWY) share price has climbed 6.5% to $1.80 on the day of its annual general meeting. Management provided a brief update on its performance in FY 2019 so far which appears to have gone down well with the market. It said: “Trading so far this year has been in line with expectations and the Toxfree integration is proceeding as planned. Therefore, there is no change to the outlook statements we provided back in August. We remain confident that our full year performance in FY19 is in line with current market expectations.”

The Lynas Corporation Ltd (ASX: LYC) share price has pushed 5% higher to $1.67 following the release of its quarterly update. The rare earths producer reported a 58% quarter on quarter increase in cash flows from operating activities to $32.8 million. Invoiced sales revenue was $105.6 million, which was an increase of 15.2% on the June quarter.

The Resolute Mining Limited (ASX: RSG) share price is up 4% to $1.07. A good number of Australian gold miners are charging higher today as investors head into safe haven assets. One of these investors happens to be Resolute’s CEO John Welborn. A change of director’s interest notice reveals that he has picked up 52,412 shares today for a total consideration of approximately $55,000.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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