Why BrainChip, Harvey Norman, HUB24, and Lake Resources shares are pushing higher

These ASX shares are on form on Wednesday…

| More on:
a business person in a suit and tie directs a pointed finger upwards with a graphic of a rising bar graph and an arrow heading upwards in line with the person's finger.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is tumbling lower. At the time of writing, the benchmark index is down 0.65% to 7,361.1 points.

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

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price is up 7% to $1.99. This morning the artificial intelligence technology company announced that it has been granted a new patent. The patent protects BrainChip's neuromorphic processor configured to perform convolutions on digital input data that has been converted into spikes.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is up 4% to $5.25. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has upgraded the retailer's shares to an outperform rating with a $5.62 price target. Credit Suisse made the move in response to some positive industry updates.

HUB24 Ltd (ASX: HUB)

The HUB24 share price is up 2.5% to $27.49. This follows the release of its second quarter update. According to the release, HUB24 achieved record second quarter platform net inflows of $3.6 billion. This led to an increase in its total funds under administration (FUA) to $68.3 billion, which is up 118% compared to the prior corresponding period. HUB24's strong quarter was driven by a combination of organic growth and flows from the Xplore acquisition.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up 3% to 98 cents. Investors have been buying the lithium developer's shares following the release of an update on its Kachi Lithium Project in Argentina. According to the release, Lake has increased its base case production plans to 50,000 tonnes per annum of lithium carbonate. This is almost double its previous plans.

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. owns and has recommended Hub24 Ltd. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »