Why Afterpay, CSR, Electro Optic Systems, & Estia Health are storming higher

Afterpay Ltd (ASX:APT) and CSR Limited (ASX:CSR) shares are two of four storming notably higher on Wednesday…

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ASX bank profit upgrade Red rocket and arrow boosting up a share price chart

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.6% to 7,055.8 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are storming higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 3% to $91.58. Investors have been buying Afterpay and other tech shares today following a better night of trade on the tech-focused Nasdaq index. Although the famous index recorded a small decline, it actually rebounded from an intraday decline of 3.5%. The S&P/ASX All Technology Index (ASX: XTX) is up 1.3% at the time of writing.

CSR Limited (ASX: CSR)

The CSR share price has jumped 8.5% to $6.41 following the release of its full year results. This morning the building products company revealed a 17% increase in statutory net profit after tax to $146.1 million. This profit growth was driven largely by strong cost control and operational efficiency from the company’s building products division.

Electro Optic Systems Hldg Ltd (ASX: EOS)

The Electro Optic Systems share price has surged a sizeable 11% higher to $4.43. This morning the communications, defence, and space company revealed that it has achieved a significant cash inflow after its investment in inventory converted to cash. Positively, management anticipates further cash receipts of over $100 million during the fourth quarter of 2021.

Estia Health Ltd (ASX: EHE)

The Estia Health share price is up 4.5% to $2.66. Investors have been buying the aged care operator’s shares following the Federal Budget last night. As part of the Budget, the government is putting an extra $17.7 billion toward aged care over five years. The government will also provide $3.9 billion over the next four years to mandate the care minutes of 240,000 aged care residents.

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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 Electro Optic Systems Holdings Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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