Why BrainChip, Codan, Elders, and Karoon Energy are storming higher

These ASX shares have started the week strongly…

| More on:

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down 0.1% to 7,138.4 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The BrainChip share price is up 9% to $1.28. This follows a press release which reveals that the artificial intelligence technology company has been accepted into the Arm AI Partner Program. This is an ecosystem of hardware and software specialists enabling developers to deliver the next generation of AI solutions.

Codan Limited (ASX: CDA)

The Codan share price is up 13% to $7.62. Investors have been buying this technology company’s shares following the release of its guidance for FY 2022. Codan revealed that it expects to match its record first-half profit in the second half. This would mean a record full-year profit of $100 million, which is up 56% year-on-year. Management advised that this strong growth has been supported by its strategy to diversify revenues and profitability.

Elders Ltd (ASX: ELD)

The Elders share price is up 10% to $15.12. This follows the release of a half-year result that smashed expectations. The agribusiness company reported a 38% increase in sales revenue to $1,514.8 million and an 80% jump in EBIT to $132.8 million. This compares to Goldman Sachs’ estimate of $1,245.2 million and $93.7 million, respectively. Management also upgraded its full-year earnings guidance.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 5% to $1.97. Investors have responded positively to news that the company has withdrawn its offer to acquire a 50% non-operated interest in the Atlanta oil field, Santos basin, offshore Brazil. Management was unable to complete the necessary due diligence and conclude negotiation of acceptable terms in respect of the potential transaction during the agreed exclusivity period.

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 recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Three businesspeople leap high with the CBD in the background.
Share Gainers

3 ASX All Ordinaries shares going gangbusters on Friday

Combined, these three All Ords stocks have gained an average of 21% today.

Read more »

Happy couple doing online shopping.
Retail Shares

Why is the Temple and Webster share price surging 11% higher today?

The ASX retail share has strengthened this week, but there's a long way to go.

Read more »

Green arrow with green stock prices symbolising a rising share price.
Share Gainers

Why Betmakers, Block, Lake Resources, and Vulcan shares are racing higher

These ASX shares are on form on Friday...

Read more »

Team celebrating corporate success screaming with joy.
Materials Shares

Wow! Novonix share price rebounds off a 52-week low to surge 11%

Novonix shares are on fire today, as are several battery and lithium shares.

Read more »

Four people gather around laptop and cheer
BNPL shares

The Zip share price is rocketing 14% today. What’s going on?

ASX BNPL shares are enjoying a welcome boost today.

Read more »

a man and a woman sitting in a technology related work environment high five each other while the man wears headphones around his heck and the woman sits in front of a laptop.
Technology Shares

Why ASX 200 tech shares are outperforming the market on Friday

Tech shares on fire today and leading the broader market. Here are the details.

Read more »

Two kids playing with wooden blocks, symbolising small cap shares and short selling.
Share Gainers

2 tiny ASX mining shares surging on new discoveries

It's been a good day to own these ASX-listed small cap miners.

Read more »

Green arrow going up on stock market chart, symbolising a rising share price.
Share Gainers

Why ANZ, Block, Bubs, and PayGroup shares are pushing higher

These ASX shares are on for m on Thursday...

Read more »