Why Brickworks, Ecofibre, Frontier Digital, & Ramsay are storming higher

These ASX shares were on form on Wednesday despite the market edging lower…

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The S&P/ASX 200 Index (ASX: XJO) was out of form on Wednesday and dropped lower. The benchmark index ended the day with 0.3% decline to 7,270.2 points.

Four ASX shares that didn’t let that hold them back are listed below. Here’s why they are storming higher:

Brickworks Limited (ASX: BKW)

The Brickworks share price jumped 11% to $23.40. Investors were buying the company’s shares after it provided a positive update on its joint venture Industrial Property Trust. According to the release, Brickworks now expects to deliver record earnings from its property portfolio for FY 2021. It is expecting its property earnings before interest and tax to be in the range of $240 million to $260 million, up from $129 million a year earlier.

Ecofibre Ltd (ASX: EOF)

The Ecofibre share price rocketed 23% higher to $1.07. This was despite there being no news out of the cannabis and hemp company on Wednesday. However, earlier this week, the company released a sales update which revealed that its core Ananda Professional business recorded its highest revenues since September 2020. It noted that as the world enters a post-COVID environment, it is beginning to see many of its pharmacy partners return to normal operations.

Frontier Digital Ventures Ltd (ASX: FDV)

The Frontier Digital Ventures share price stormed 4% higher to $1.28. This morning the emerging markets-focused online marketplace company announced that it has entered into a sale agreement to acquire the remaining 49% interest in InfoCasas. This consolidates its position in South America with three wholly owned businesses across six key countries.

Ramsay Health Care Limited (ASX: RHC)

The Ramsay share price climbed 2% to $63.49. Investors were buying the private hospital operator’s shares following the release of a positive broker note out of Citi. According to the note, the broker has upgraded the company’s shares to a buy rating with an increased price target of $76.00. It believes Ramsay is well-placed for growth once the healthcare sector returns to normal. And while it suspects that it may need to raise capital, this is priced into its valuation.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Frontier Digital Ventures Ltd. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool Australia has recommended Frontier Digital Ventures Ltd and Ramsay Health Care 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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