Why Goodman, Praemium, Step One, and Telix shares are charging higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, …

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 7,331.5 points.

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

Goodman Group (ASX: GMG)

The Goodman share price is up 6% to $23.64. Investors have been buying this global integrated property company’s shares after it upgraded its earnings guidance following a strong first quarter. Goodman now expects its operating earnings per share to grow 15% in FY 2022. This compares to its previous guidance for 10% growth year on year.

Praemium Ltd (ASX: PPS)

The Praemium share price is up 15.5% to $1.44. This morning Netwealth Group Ltd (ASX: NWL) revealed that it has made a non-binding indicative proposal to merge with Praemium. Netwealth offered one Netwealth share for every 11.96 Praemium shares plus a cash consideration of $50 million. However, the Praemium Board has rejected the offer, believing it undervalues the investment platform provider.

Step One Clothing Ord Shs (ASX: STP)

The Step One share price is up a further 3.5% to $2.85. This means the online underwear retailer’s shares are now up 86% from Monday’s IPO listing price of $1.53. Step One raised $81.3 million via its IPO. These funds will be used to support the company’s growth strategies. This includes growing Step One’s existing customer base in Australia and the UK, and investing in establishing a presence in the US.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is up 5% to $6.96. Investors have been buying this biopharmaceutical company’s shares after it received approval for its prostate imaging product, Illuccix, from the Australian Therapeutic Goods Administration (TGA). Illuccix is a positron emission tomography agent used to diagnose men with prostate cancer.

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Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Netwealth and Praemium Limited. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended Praemium 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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