It has been a bumpy ride for the S&P/ASX 200 Index (ASX: XJO) on Thursday. After a number of ups and downs, in late morning trade the benchmark index is down slightly to 6,852.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
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Mesoblast limited (ASX: MSB)
The Mesoblast share price is up 4.5% to $2.68 following the release of a trial update. According to the release, the results of a phase three trial indicate that a single injection of rexlemestrocel-L may provide a safe, durable, and effective opioid-sparing therapy for patients with chronic inflammatory back pain due to degenerative disc disease. The study notes that the greatest benefits were seen when administered earlier in the disease process before irreversible fibrosis of the intervertebral disc has occurred.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price has climbed 5.5% to $26.61. This follows the release of the gold miner's half year results this morning. For the six months ended 31 December, Newcrest reported a 21% increase in revenue to US$2.17 billion. Things were even better on the bottom line, with the company reporting a 98% jump in underlying profit to US$553 million. This was driven by a 48% increase in its all-in sustaining cost (AISC) margin to US$842 per ounce.
Sezzle Inc (ASX: SZL)
The Sezzle share price is up 4.5% to $10.97. Investors have been buying the buy now pay later provider's shares following the announcement of a new receivables funding facility. The US$250 million facility will be used to support the expansion of the company's business in the United States and Canada. Positively, the new facility also lowers its cost of funding, which will provide a positive effect on Sezzle's net transaction margin over time.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up almost 3% to $3.26. The catalyst for this was the release of a solid half year result this morning. Investors appear pleased that the Telstra board plans to maintain its 16 cents per share fully franked dividend in FY 2021. Management's bold growth plans also appear to have caught the eye of investors.
