Why GrainCorp, Pro Medicus, Redcape, & Treasury Wine are pushing higher

Pro Medicus Limited (ASX:PME) and Treasury Wine Estates Ltd (ASX:TWE) shares are two of four pushing higher on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 0.6% to 7,001.2 points.

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

Graincorp Ltd (ASX: GNC)

The GrainCorp share price is up 6.5% to $5.49 following the release of its half year results. For the six months ended 31 March, the grain exporter reported an 89% increase in underlying net profit after tax from continuing operations to $51 million. This was driven by a favourable turnaround in growing conditions, which underpinned a 166% increase in East Coast production to 31.4 million metric tonnes.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up 2% to $41.22. Investors have been buying the healthcare technology company’s shares following the announcement of a major new contract win. The healthcare technology company has signed an 8-year deal with The University of Vermont Health Network worth $14 million. Pro Medicus will provide the university with a unified diagnostic imaging platform that replaces multiple legacy PACS platforms.

Redcape Hotel Group Pty Ltd (ASX: RDC)

The Redcape share price has risen 4.5% to $1.02. This morning the pub and hotel operator upgraded its distribution guidance for FY 2021 following a strong third quarter. Redcape Hotel now expects to increase its full year distribution to 8.16 cents per share. This represents an 11.5% uplift versus its previous guidance.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is up 3% to $10.23 following the release of its investor day update. According to the release, the wine company is expecting its earnings before interest, tax, and SGARA (EBITS) to be in the range of $495 million to $515 million. This was ahead of the market consensus estimate for EBITS.

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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 and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. 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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