Why BrainChip, Coles, Fisher & Paykel Healthcare, and PolyNovo shares are rising

These ASX shares are rising despite the selloff…

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is sinking deep into the red on Friday. In afternoon trade, the benchmark index is down 2.3% to 7,194.1 points.

Four ASX shares that have defied the selloff and pushed higher are listed below. Here’s why they are rising:

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is up 3% to $1.06. The artificial intelligence technology company’s shares were up as much as 18% at one stage. This resulted in the company being hit with a price query from the Australian stock exchange. BrainChip advised that it could not explain the rise and its shares quickly gave back the majority of their earlier gains.

Coles Group Ltd (ASX: COL)

The Coles share price is up 1.5% to $18.75. This appears to have been driven by demand for defensive shares amid the market selloff. As a supermarket operator, Coles is seen as a good hedge against rising inflation.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up over 2% to $19.84. This is despite there being no news out of the medical device company. However, the company’s shares were trading at a two-year low earlier this week. Some investors may believe this has created a buying opportunity.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 4.5% to 90.5 cents. Investors have been buying this medical device company’s shares after it revealed that insiders have been buying shares. One of those was PolyNovo’s chairman, David Williams. He picked up 500,000 shares through an on-market trade on Thursday. Mr Williams paid an average of $0.8689 per share, which represents a total consideration of $434,450.

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 positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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