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.”
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of BUBS AUST FPO. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.