In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.6% to 6,874.7 points.
Four ASX shares that have managed to avoid the selloff are listed below. Here's why they are rising:
Coles Group Ltd (ASX: COL)
The Coles share price is up 1.5% to $17.81. This is despite there being no news out of the supermarket giant. However, given its defensive qualities, investors appear to have been buying its shares during today's broad market selloff.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel share price is up 1.5% to $17.79. This morning the medical device company announced that it has entered into a sale and purchase agreement to acquire a 105 hectare site in Karaka, Auckland for NZ$275 million. The company will construct a second New Zealand campus on the site to complement its existing location at the Highbrook development in Auckland.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is up 3% to $5.04. Investors have been buying New Hope and other coal miners today after the coal price climbed overnight. According to CommSec, the thermal coal price rose 2.5% to US$425 per tonne. This is good news for its Bengalla thermal coal mine, which is generating significant free cash flow with prices at these levels.
Nitro Software Ltd (ASX: NTO)
The Nitro share price is up 1.5% to $1.60. On Wednesday, this document productivity software company received and rejected a takeover approach. Judging by its current share price, investors appear to be betting that the Potentia consortium will improve its $1.58 per share offer to acquire Nitro.
