In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from its intraday lows and is trading just a fraction lower. At the time of writing, the benchmark index is down slightly to 7,238.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Boral Limited (ASX: BLD)
The Boral share price is up 2.5% to $6.32. This follows news that the building products company has signed an agreement to sell its US fly ash business for US$755 million (~A$1 billion). The good news is that some, or even all, of these funds are likely to be returned to shareholders.
Metcash Limited (ASX: MTS)
The Metcash share price is up 6% to $4.19. Investors have been buying this wholesale distributor’s shares following the release of a strong half year result. For the six months ended 31 October, Metcash reported a 1.3% increase in revenue to $7.2 billion and underlying profit after tax growth of 13.1% to $146.6 million. Metcash also revealed that the second half has started strongly.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price is up over 5% to $1.62. Investors have been buying this gold miner’s shares amid a rise in the gold price on Friday night. This was driven by increased demand for safe haven assets following a selloff in the tech sector. It isn’t just Silver Lake rising, the S&P/ASX All Ordinaries Gold index is up 2% at the time of writing.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price has jumped 13% to 17 cents. This morning the energy company revealed that the Walyering-5 (W5) well has confirmed the presence of a high-quality, low CO2, conventional gas accumulation at the suspended Walyering gas field within the Perth Basin. These results have exceeded the company’s expectations.