The ASX has seen further falls again today with the S&P/ASX 200 Index (ASX: XJO) down by 2.2% at the time of writing, following on from a heavy drop yesterday.
There is still an extreme amount of volatility in the market right now. However, here are 4 ASX shares that have defied the slide in the market today by showing strong gains.
Amcor PLC (ASX: AMC)
The Amcor share price is up by 6.6% today at the time of writing. The increase is very likely due to bargain hunters entering the market after very heavy losses since March 11.
On this day, it was reported that Amcor, which merged with US company Bemis, was being targeted by a US short-selling fund, Spruce Point Management. The short-seller released a report warning that Amcor’s profits and dividends are under threat. A key reason why Spruce Point believes Amcor’s growth is declining is because of falling tobacco sales.
Metcash Limited (ASX: MTS)
Supermarket owner Metcash has seen a strong rise share price of 7% so far today. The company owns and operates a number of supermarkets across Australia including IGA, Foodland and the Friendly Grocer.
Customers continue to strip many sections of supermarkets to stock up on essential items, driving higher demand for supermarket supplies. ASX supermarket shares in Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) are seeing similar high consumer demand.
NEXTDC Ltd (ASX: NXT)
Shares in Australian data centre NEXTDC are currently up by 6% today. The company is one of the few ASX tech shares that hasn’t lost significant value over the past few weeks. This comes on the back of very solid financial half-year results, with revenue increasing by 8% and earnings before interest, tax, depreciation and amortisation (EBITDA) increasing by 21%.
In addition, NEXTDC is more shielded from the impacts of coronavirus than a lot of other local tech shares such as WiseTech Global Ltd (ASX: WTC), Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX), which all have very broad international market exposure.
Additionally, data centre services may actually see increased demand over the months ahead if the coronavirus situation worsens. This could be driven by the increased internet bandwidth needed by telecommunication providers such as Telstra Corporation Ltd (ASX: TLS), as more people are forced to self-isolate at home.
Inghams Group Ltd (ASX: ING)
At the time of writing, the Inghams share price has increased by 7.2% today. The poultry producer’s chicken and turkey products are in high demand at the moment, as supermarket shoppers clean out the meat and poultry sections of supermarkets.
While Inghams shares have seen a decline since the market slide began on February 20, its share price loss is relatively small compared to most shares during this period, down by less than 10%.
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Motley Fool contributor Phil Harpur owns shares of Altium, Appen Ltd, NEXTDC Limited, Telstra Limited, and WiseTech Global. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Altium, Appen Ltd, and WiseTech Global. The Motley Fool Australia has recommended Amcor 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.