Why Ampol, Downer, Fletcher Building, and REA shares are pushing higher

These ASX shares are having strong days…

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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 0.3% to 6,506 points.

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

Ampol Ltd (ASX: ALD)

The Ampol share price is up 5% to $34.77. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and lifted its price target to $39.00. It is bullish due to improving refining margins and increasing fuel volumes.

Downer EDI Limited (ASX: DOW)

The Downer share price is up 2% to $5.07. Investors have been buying this engineering company’s shares after it announced two major contract wins. Downer has been awarded two road maintenance contracts by Auckland Transport, valued at approximately $800 million over a maximum term of 10 years. Management notes that these contracts expand Downer’s strong working relationship with Auckland Transport.

Fletcher Building Limited (ASX: FBU)

The Fletcher Building share price is up 5% to $4.68. The catalyst for this was the release of the building products company’s investor day update. That update reveals that management has reiterated its earnings before interest and tax guidance for FY 2022. It expects EBIT before significant items to come in at ~NZ$750 million.

REA Group Limited (ASX: REA)

The REA share price is up 2% to $101.15. This morning analysts at Citi reiterated their buy rating and $153.50 price target on this property company’s shares. This implies potential upside of ~50% for investors over the next 12 months. Citi sees NSW stamp duty changes as a positive for REA.

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 REA Group Limited. 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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