Why Bubs, IGO, Strike Energy, and Woodside shares are pushing higher

These ASX shares are pushing higher on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and dropped deep into the red. At the time of writing, the benchmark index is down 1.1% to 7,151.9 points.

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

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is up almost 8% to 63 cents. This gain appears to be a bit of an overreaction to an announcement that flights have been scheduled to take Bubs’ infant formula to the United States. No changes have been made to the volumes that were previously announced. Time will tell if this is a temporary sales boost or something greater.

IGO Ltd (ASX: IGO)

The IGO share price is up 3% to $11.52. This is despite there being no news out of the battery metals miner. Though, as its shares were sold off on Wednesday following significant weakness in the sector, some investors may believe a buying opportunity has been created.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 8.5% to 31.5 cents. This follows an update on production testing activities and operations at the company’s South Erregulla gas discovery. Strike has been testing the producibility from perforations across the Kingia Sandstone reservoir and delivered excellent results. Management is confident that this gas discovery is a large, productive source of low-cost, low impurity natural gas.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 5% to $31.76. This gain comes despite two developments that you would expect to weigh on the company’s shares. The first is BHP Group Ltd (ASX: BHP) shareholders now being able to trade the shares they received from the petroleum demerger. The other is a $1.115 billion block trade that was made before the market open at a 3.5% discount of $29.15. It’s possible that the latter has dried up the sell-side in one fell swoop.

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 BUBS AUST FPO. 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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