The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading lower. At the time of writing, the benchmark index is down 0.3% to 7,258.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price. The struggling infant formula company’s shares are surging higher following the release of an update from one of its smaller rivals, Bubs Australia Ltd (ASX: BUB). This morning Bubs reported a 96% year-on-year increase in Q1 gross revenue to $18.5 million. This appears to have sparked hopes that the tough times are now behind the infant formula market.
Electro Optic Systems Hldg Ltd (ASX: EOS)
The Electro Optic Systems share price has jumped 11% to $3.79. Investors have been buying the company’s shares after its wholly-owned US subsidiary, SpaceLink, reached a significant milestone in the manufacture and launch of the initial constellation of four high-capacity optical relay satellites. According to the release, leading satellite manufacturer, OHB Systems, has been selected as the preferred tenderer for the initial constellation. The terms of the contract are expected to require that OHB deliver the four high-capacity relay satellites in Q1 of 2024.
GUD Holdings Limited (ASX: GUD)
The GUD share price is up 7% to $11.33. This follows the release of a trading update at the Citi Australia & NZ Investment Conference and the positive response to it from brokers. GUD revealed that demand for its products has remained resilient despite widespread and protracted lockdowns. As a result, GUD’s revenue and EBIT are currently tracking in line with management’s expectations. In response, Citi retained its buy rating and $12.30 price target on the company’s shares.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is up over 4% to $10.08. This morning the sports betting company announced a deal with Curling Canada. The agreement sees PointsBet become the official and exclusive sports betting partner for the sports body. This could give the company’s fledgling Canadian operations a big boost. This is because more than 13 million viewers tune in to Curling Canada’s events every season. This ranks among the highest-rated sports programming in the country.