Why BrainChip, PolyNovo, TPG, and Westpac shares are pushing higher

These ASX shares are having a great day…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 1.3% to 7,112.9 points.

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

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price has jumped 14% to $1.21. This appears to have been driven by the appearance of semiconductor giant, Arm, on BrainChip’s list of partners. On its website, BrainChip commented on the unannounced partnership, saying: “BrainChip is partnering with Arm, the leading technology provider of processor IP [intellectual property], to provide the most advanced solutions to make sensor products faster, smarter, and safer.”

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 4% to 93.5 cents. This follows news of more insider buying at the heavily shorted medical device company. As we reported here on Friday, the company’s chair, David Williams, picked up 500,000 shares through an on-market trade on 5 May. He has then followed this up with a purchase of ~1 million shares on 6 May. A fellow insider picked up shares with him on both days.

TPG Telecom Ltd (ASX: TPG)

The TPG share price is up 2% to $5.68. This morning the telco announced a binding agreement to sell 100% of its passive mobile tower and rooftop infrastructure to OMERS Infrastructure Management for $950 million. These funds are expected to be used by TPG to pay down its existing debt.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up 3% to $24.55. This follows the release of the banking giant’s half-year results, which came in ahead of expectations. Westpac reported an 8% decline in revenue to $10,230 million, a 12% reduction in cash earnings to $3,095 million, and a 61 cents per share interim dividend. The Visible Alpha consensus estimate was for first-half cash earnings of $2.8 billion and an interim dividend of 59 cents per share. Westpac also reiterated its bold cost cutting target despite its peers recently abandoning their own targets.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has recommended TPG Telecom Limited and Westpac Banking Corporation. 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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