In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. At the time of writing, the benchmark index is down 0.3% to 7,010.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up almost 6% to $8.08. This morning the grain exporter upgraded its earnings guidance for FY 2022. For the 12 months ending 30 September, Graincorp now expects underlying EBITDA to be in the range of $680 million to $730 million (from $590-$670 million) and underlying net profit after tax in the range of $365 million to $400 million (from $310-$370 million).
Imugene Limited (ASX: IMU)
The Imugene share price is up 10% to 29.7 cents. This follows news that the biotech company has dosed the first patient from the third cohort in the Checkvacc study at the City of Hope hospital in the US. The aim of this study is to activate the immune system of cancer patients to treat and eradicate tumours.
iSelect Ltd (ASX: ISU)
The iSelect share price has rocketed 73% higher to 27.75 cents. Investors have been buying this price comparison website operator after it accepted a takeover offer from Innovation Holdings Australia – the owner or rival website www.comparethemarket.com.au. The iSelect board is recommending shareholders vote in favour of the 30 cents per share offer at an upcoming scheme meeting.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 6% to 36 cents. This morning this pharmaceutical company announced the sale of its Metrics Contract Services business to Catalent for cash consideration of US$475 million (~A$679 million). Allowing for reinvestment needs, the net proceeds from the sale will be used to repay the syndicated debt facility and to return surplus capital to shareholders.
