In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is tumbling lower. At the time of writing, the benchmark index is down 0.5% to 7,592.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has jumped 13% to $6.75. Investors have been scrambling to buy the infant formula company's shares amid speculation that global giant Nestle is considering a takeover approach. Though, according to the Australian, if an offer is made, it won't be until after the release of the company's full year results later this month.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price is up 4% to 25.5 cents. This morning the lithium explorer announced encouraging drilling results from its Manono project in the Democratic Republic of Congo. Wide spaced resource drilling at the Carriere de l'Este deposit confirms further high grade lithium and tin mineralisation directly beneath thin soil and laterite cover.
BHP Group Ltd (ASX: BHP)
The BHP share price is up 1% to $53.25. This follows confirmation that the mining giant and Woodside Petroleum Limited (ASX: WPL) are in talks over a potential merger of their oil and gas operations. BHP advised that while discussions between the parties are currently progressing, no agreement has been reached on any such transaction.
GWA Group Ltd (ASX: GWA)
The GWA share price has surged 11% higher to $2.92 following the release of the water products and systems supplier's full year results. Those results revealed a 1.8% increase in revenue to $405.7 million and a 4.7% decline in EBIT to $68.5 million. However, news that its commercial order bank is 14% ahead of the prior year earlier in FY 2022 appears to have given its shares the biggest boost.
