Losses continue on the Australian markets today with the benchmark S&P/ASX 200 Index (ASX: XJO) sinking another 66% basis points at the time of writing.
Despite the downside, these 3 ASX shares have clipped gains, securing a tidy return for shareholders.
Incitec Pivot Ltd (ASX: IPL)
Shares of Incitec Pivot have bounced off a key support level and now trade more than 3% higher at the time of writing.
Investors have bid the stock higher on no news. The materials sector is booking losses today, hence Incitec's return is outpacing its industry peers.
The share was trading at 3-month lows at the close yesterday, where it has found buyers all the way up to $3.52 at the time of writing.
It continues to push higher on a volume of 9.7 million shares, close to its 4-week average of 11.4 million shares.
Graincorp Ltd (ASX: GNC)
Shares of Graincorp are tracing 4% higher on Wednesday to rest at $10.55 apiece. Investors have bid the share higher on no news.
The company continues its 22.8 million share buyback, having completed a series of purchases since announcing it back on 2nd June.
Its latest round secured another 581,963 shares bought back on the previous day.
Prior to that, 1.4 million shares had been repurchased, according to GNC filings with the ASX.
The highest price GNC is allowed to pay is $10.72 per share. The current market price leaves some headroom for the buyback to continue.
Lynas Rare Earths Ltd (ASX: LYC)
Shares of Lynas are rebounding after finishing the last few sessions today and now trade at $8.81.
Despite trading down the past 5-days of trade, the Lynas share price has plunged 3% higher. The S&P/ASX 300 Metals & Mining Index (ASX: XMM) has also performed today and is currently rangebound.
Following an update yesterday, investors may have momentarily shifted tone on the company.
"[T]he company has signed a contract for approximately US$120 million with the U.S. Department of Defense (DoD)," TMF wrote yesterday.
The contract is to develop a heavy rare earths separation facility in the US.
Lynas hopes this will expand its footprint over there, whilst expanding the US market. It is hoping to get the plant operational by 2025.
When announced yesterday, the news was offset by the heavy sell-off. However, nerves have calmed and the share has attracted buyers today.
