In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 1.9% to 6,830.4 points.
Four ASX shares that are defying the selloff are listed below. Here’s why they are pushing higher:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 9% to $1.42. This follows the release of a number of bullish broker notes in response to its recent quarterly update. One of those notes came from Morgans, which retained its add rating and increased its price target to $1.72. It suspects the company could upgrade its guidance with its half year results.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo share price is up 3% to $17.33. Investors have been buying this lottery ticket seller’s shares after it announced an agreement to acquire UK-based StarVale Group for $32.1 million. StarVale is a leading External Lottery Manager (ELM) and a digital payments company. The company provides a full range of Society Lottery services (weekly lottery and raffle) and prize draw services.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up 1.5% to $26.97. This morning the retail giant revealed that it expects to achieve first half sales and earnings growth despite losing 42,000 trading days. The Premier Retail business’ sales are expected to come in at $769 million and EBIT is expected to be $209.5 million to $211.5 million. This represents growth of 0.5% on the top line and 4.2% to 5.3% on the bottom line.
Western Areas Ltd (ASX: WSA)
The Western Areas share price is up 3% to $3.55. This follows the release of the nickel producer’s quarterly update. For the three months ended 31 December, Western Areas delivered a 12.2% increase in total mined nickel to 4,600 tonnes. This underpinned a 13% increase in nickel sold to 4,511 tonnes. Western Areas also revealed that its realised nickel price increased to $12.48 per pound from $11.90 per pound.