Why EOS, Pendal, PolyNovo and Xero shares are charging higher

These ASX shares are avoiding the market selloff…

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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 1.4% to 7,019.4 points.

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

Electro Optic Systems Hldg Ltd (ASX: EOS)

The EOS share price is up 2.5% to $1.98. Investors have been buying this defence and space systems company’s shares after it revealed the successful development of a new drone defence system. EOS’ directed energy drone defence system uses a powerful laser to disable Group 1 drones at an effective rate of 20 drones/minute at ranges beyond 1,000 metres.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is up over 6% to $5.24. This follows the release of the fund manager’s half year results this morning. That release revealed that Pendal delivered a 59% increase in underlying profit after tax over the prior corresponding period to $131.4 million. A key driver was the acquisition of US investment management firm Thompson, Siegel & Walmsley.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price has jumped 17% to $1.09. The catalyst for this was news that the heavily shorted medical device company’s chairman, David Williams, has bought shares on-market again. Hot on the heels of purchases at the end of last week, Mr Williams added a further 250,000 (indirectly owned) shares through an on-market trade on Monday.

Xero Limited (ASX: XRO)

The Xero share price is up over 3% to $87.05. This morning this cloud accounting platform provider’s shares were given a boost from a bullish broker note out of RBC Capital. According to the note, the broker has upgraded the company’s shares to an outperform rating with a $130.00 price target. RBC made the move after a survey of accountants demonstrated that there’s scope for Xero to raise prices with minimal churn.

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 Electro Optic Systems Holdings Limited, POLYNOVO FPO, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. 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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