The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Monday. In afternoon trade, the benchmark index is down 1.9% to 6,967.1 points.
Four ASX shares that have managed to avoid the selloff and push higher are listed below. Here's why they are rising:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 9% to $5.36. Investors have been buying this infant formula company's shares after its full year results impressed. Not only did A2 Milk deliver a net profit after tax ahead of expectations, it decided to return some of its huge cash pile to investors. A2 Milk intends to return NZ$150 million via an on-market share buyback.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 5% to $19.61. This morning the fashion jewellery retailer released its full year results and revealed a 59.3% increase in revenue to $458.7 million and a 116.3% jump in net profit after tax to $59.9 million. Management also advised that price increases introduced during the third quarter to combat inflation delivered sales growth with minimal impact to volumes.
McMillan Shakespeare Limited (ASX: MMS)
The McMillan Shakespeare share price has jumped 14% to $14.60. This follows the release of the salary packaging company's full year results for FY 2022. The company reported 9.2% increase in revenue to $594.3 million and a 16.5% increase in underlying profit to $83.8 million. This and its strong balance sheet have allowed an off market share buyback to be announced.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has risen 6% to $1.06 following the release of the payments company's full year results. Tyro reported a 39% increase in revenue to $229.2 million but a loss after tax of $29.6 million. The company finished the period with a total of 109,248 terminals, which was up 4% year over year.
