Why BHP, Clinuvel, Latitude, and Peet shares are pushing higher

These ASX shares are rising today…

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An executive in a suit smooths his hair and laughs as he looks at his laptop feeling surprised and delighted by the gains of ASX mining shares

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The S&P/ASX 200 Index (ASX: XJO) is having a day to forget. In afternoon trade, the benchmark index is down 2% to 7,412.8 points.

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

BHP Group Ltd (ASX: BHP)

The BHP share price is up 1.5% to $43.30. This appears to have been driven by another decent rise in the benchmark iron ore price. According to CommSec, the spot iron ore price rose by US$2.45 or 2% to US$125.35 a tonne during Wednesday night trade.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is up 1.5% to $27.12. This is despite there being no news out of the biopharmaceutical company. However, it is worth noting that its shares have been under significant pressure recently. Concerns over the launch of a competing product led to its shares losing a third of their value over the last couple of months. Some investors may believe they have bottomed now.

Latitude Group Holdings Ltd (ASX: LFS)

The Latitude share price is up 2.5% to $2.02. This morning the lender announced an agreement to acquire the consumer business of Humm Group Ltd (ASX: HUM). This business comprises Humm’s buy now pay later (BNPL), instalments and cards operations. The two parties have agreed a price of $335 million. However, the consideration will be paid largely in Latitude shares, with just $35 million being paid in cash.

Peet Limited (ASX: PPC)

The Peet share price is up 4% to $1.14. Investors have been buying this property company’s shares after it announced the sale of 250 hectares of broadacre land in New Beith, Queensland for ~$80 million. Management advised that the property was not part of its short to medium term development program and has been sold at a price which represents an 83% premium to book value.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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