In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and edging slightly lower. At the time of writing, the benchmark index is down a few points to 7,020 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
Ampol Ltd (ASX: ALD)
The Ampol share price is up 6% to $25.87 following the release of its first quarter update. According to the release, the fuel retailer’s performance improved during the three months ended 31 March. Ampol reported higher earnings before interest and tax (EBIT) across its three major segments. One of those was its Australian Fuels & Infrastructure (F&I) ex Lytton, which delivered EBIT of $59 million. This was up from $47 million in both the prior quarter and the prior corresponding period.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is up 3% to $14.78. Investors have been buying the investment platform provider’s shares following the release of its third quarter update. That update reveals that Netwealth continued its strong form during the quarter. As a result, at the end of March, its Funds Under Administration (FUA) reached $41.8 billion. This represents a $3 billion or 7.8% increase since the end of December, including a positive market movement of $0.8 billion.
Orocobre Limited (ASX: ORE)
The Orocobre share price has stormed 4% higher to $6.22. This solid gain appears to have been driven by a broker note out of Macquarie this morning. Although the lithium miner’s sales volume during the third quarter was lower than it expected, it was pleasantly surprised by stronger than expected pricing. This led to Macquarie retaining its outperform rating and $7.10 price target on its shares.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price has jumped 10% to $3.37. This follows the release of an update on its phase 2/3 cancer drug, Bisantrene. According to the release, independent researchers have found Bisantrene to be a highly effective inhibitor of the Fat Mass and Obesity associated protein (FTO). The University of Chicago team also identified that FTO plays a critical role in the development of skin cancers caused by low-level arsenic exposure.