In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a hugely disappointing note. At the time of writing, the benchmark index is down 2.35% to 6,673.3 points.
Four ASX shares that have defied the selloff are listed below. Here's why they are pushing higher:
AMP Ltd (ASX: AMP)
The AMP share price is up over 3.5% to $1.45. Investors have been buying the financial services company's shares after it announced a potential joint venture with Ares Management. The two companies have signed a non-binding Heads of Agreement to form a $2.25 billion joint venture which will see Ares inject up to $1.55 billion in cash into AMP.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has pushed 4% higher to 57.2 cents following its half year results release. The infant formula company reported a 33% decline in revenue to $18.3 million and a loss before tax of $17.1 million. It appears as though investors were expecting an even worse result. Looking ahead, Bubs is expecting a modest improvement in the second half compared to the first.
BWX Ltd (ASX: BWX)
The BWX share price has jumped 11.5% to $4.48 after reporting its half year results this morning. The personal care products company reported a 0.6% increase in revenue to $84.5 million and a 133.1% jump in net profit after tax to $9.9 million. However, it is worth noting that its profit was boosted by a one-off benefit of $5.8 million. This relates to the final consideration payable under the Egide Compensation Plan to the sellers of the Andalou Naturals business.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 2% to $5.78. Investors have been buying the rare earths producer's shares after it reported a surge in first half profits. For the six months ended 31 December, Lynas reported a 12.4% increase in revenue to $202.5 million and an 82% jump in EBITDA to $80.6 million. Management also spoke positively about the future, commenting that "Lynas has a unique position in an exciting market."
