In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 7,113.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are climbing:
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CSL Limited (ASX: CSL)
The CSL share price is up almost 3% to $300.48. This morning the team at Citi responded to CSL's full year results by retaining its buy rating with a slightly trimmed price target of $340.00. While the broker believes there are "more questions than answers" with the company's FY 2023 outlook, it has seen enough to retain its bullish view on the biotherapeutics giant.
IPH Ltd (ASX: IPH)
The IPH share price is up 14% to $10.08. This follows the release of the intellectual property services company's full year results. IPH reported revenue growth of 6% to $385.1 million. In addition, the company announced an agreement to acquire Smart & Biggar for almost $400 million. It is a leading Canadian intellectual property firm.
Renascor Resources Ltd (ASX: RNU)
The Renascor share price is up 10% to 22 cents. Investors have been buying this graphite developer's shares after it announced an upgrade to the Siviour mineral resource. This upgrade makes Siviour the second largest reported proven graphite reserve in the world and the largest graphite reserve outside Africa. Management expects it to support a 40-year mine life with production of graphite concentrates up to 150,000 tonne per annum.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 3% to $13.04. This follows the release of a full year result that came in ahead of expectations in FY 2022. The wine giant's net profit after tax before material items and SGARA was up 4.2% to $322.6 million. This compares favourably to the market consensus estimate of $314.4 million. Stronger margins across its divisions helped drive the profit growth.
