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Why these 4 ASX shares are pushing higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post another disappointing decline on Wednesday. In afternoon trade the index is down 1.3% to 5,758 points.

Four shares that have defied the market decline today are listed below. Here’s why they have pushed higher:

The Corporate Travel Management Ltd (ASX: CTD) share price is up over 2% to $22.71. The embattled corporate travel specialist’s shares were up as much as 6% at one stage today. Heavy insider buying at the end of last week appears to have led to improvements in investor sentiment. While I think that its shares do look to be great value, I intend to stay clear of the company until the short seller attack blows over.

The New Hope Corporation Limited (ASX: NHC) share price has climbed 4.5% to $3.86. This latest gain means that New Hope’s shares have jumped almost 13% since this time last week. The catalyst for this was news that the Queensland Land Court has handed down a positive recommendation in respect to the New Acland Mine stage 3 mining lease and environmental authority amendment applications.

The Qantas Airways Limited (ASX: QAN) share price is up 1% to $3.80. Investors appear to believe that the leading airline will benefit greatly from lower fuel prices after oil prices crashed lower overnight. If prices do stay lower over the coming months then I think Qantas will be well-positioned to deliver another bumper profit in FY 2019.

The Seven West Media Ltd (ASX: SWM) share price has pushed 2% higher to 74.5 cents. The media company held its annual general meeting today and reiterated its underlying FY 2019 EBIT growth guidance of between 5% and 10%. It also upgraded its net cost saving targets for the financial year from between $10 million and $20 million to between $20 million and $30 million. This is expected to be delivered across the board as it continues to identify new efficiencies.

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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 Corporate Travel Management Limited. 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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