Why Aristocrat, Arafura, Calix, and Strike Energy 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 a big decline. At the time of writing, the benchmark index is down 1.5% to 7,075.3 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat share price is up 5.5% to $33.34. Investors have been buying this gaming technology company’s shares after its half-year results impressed. Aristocrat reported a 23.1% increase in operating revenue to $2,745.4 million and a 40.9% increase in NPATA to $580.1 million. The latter was well ahead of the consensus estimate of $523 million. Another positive was that Aristocrat has announced a $500 million on-market share buyback.

Arafura Resources Limited (ASX: ARU)

The Arafura share price is up 16% to 40.5 cents. This follows news that the rare earth developer has signed a non-binding memorandum of understanding (MoU) with one of the world’s largest automotive groups, Hyundai. The MoU provides a framework for the parties to negotiate a binding offtake agreement for the supply of up to approximately 1,000 to 1,500 tonnes per annum (tpa) of NdPr Oxide from the Nolans Project. The top end of the range represents over a third of its planned production.

Calix Ltd (ASX: CXL)

The Calix share price is up over 5% to $7.41. This morning the clean energy solutions company revealed that it will receive $11 million from the government’s carbon capture, use, and storage (CCUS) hubs and technologies program to bring low emissions lime production to Adbri Ltd (ASX: ABC).

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 4% to 31.7 cents. Investors have been buying this energy company’s shares after it announced the completion of its competitive fertiliser offtake process. This has seen the company sign a non-binding term sheet and exclusive negotiation period with Koch Fertilizer. Strike expects to produce 1.4 million tonnes per annum of granulated urea from its proposed Project Haber fertiliser development.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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