In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. At the time of writing, the benchmark index is down 2.2% to 6,447.6 points.
Four ASX shares that have avoided the selloff today are listed below. Here’s why they are rising:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up almost 4% to $4.16. This gain appears to have been driven by optimism that the company could still have a chance of benefiting from shortages in the United States market. This follows news that a major infant formula manufacturing facility has been shut down just two weeks after reopening. This has been driven by flooding on this occasion.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is up 6% to 64 cents. This morning this infant formula company upgraded its FY 2022 guidance to reflect its deal with the US government. Bubs was previously expecting “modest” half on half growth from the $38.5 million gross revenue it recorded during the first half. Whereas it now expects gross revenue to be over $100 million for FY 2022, subject to scheduled operations occurring without disruption. Possibly holding its shares back a touch was a lack of operating leverage.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is up 5% to $3.67. This has been driven by a rebound in the gold price and a broker upgrade by UBS. The latter saw Evolution upgraded to a buy rating with a $4.05 price target. The former has led to the S&P/ASX All Ords Gold index storming 2.6% higher today.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 3.5% to 52.3 cents. This is despite there being no news out of the buy now pay later (BNPL) provider. However, it is worth noting that a number of BNPL shares are storming higher on Friday. Investors may believe that this area of the market has been oversold in recent weeks.