Why CSL, Humm, IntelliHR, & Vulcan shares are pushing higher

These ASX shares have started the week strongly…

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 0.95% to 7,279.3 points.

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

CSL Limited (ASX: CSL)

The CSL share price is up 1.5% to $282.00. This morning analysts at Ord Minnett retained their hold rating on the biotherapeutics company’s shares but lifted their price target by 5.2% to $280.00. The broker is confident the company’s plasma collections will recover by the end of the year, albeit with higher collection prices.

Humm Group Ltd (ASX: HUM)

The Humm share price is up over 6% to $1.04 after releasing a business update. According to the release, the financial services company had a strong finish to the financial year. As a result, it expects to report a FY 2021 cash net profit after tax of $68.4 million. This will be an increase of 121.1% on the prior corresponding period.

IntelliHR Ltd (ASX: IHR)

The IntelliHR share price has jumped 11% to 24.5 following the release of its fourth quarter update. According to the release, the HR technology company finished the financial year in a very positive fashion, reporting $1 million in new contracted business. This was a 236% increase on the same period in FY 2020. This ultimately underpinned the doubling of its annualised recurring revenue in FY 2021.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 2% to $9.50. Investors have been buying the lithium explorer’s shares on Monday after it announced its first offtake agreement. According to the release, Vulcan has signed an initial five-year agreement starting in 2025 with LG Energy Solution for battery grade lithium hydroxide. LG Energy Solution is the largest producer of lithium-ion batteries for electric vehicles in the world. The agreement is for 5,000 metric tonnes in the first year and then 10,000 tonnes each year thereafter.

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Motley Fool contributor 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 has recommended CSL Ltd. The Motley Fool Australia has recommended Humm Group 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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