Why CBA, DGL, Incitec Pivot, and Readytech shares are pushing higher

These ASX shares are pushing higher on Tuesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,134.1 points.

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

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is up 1.5% to $106.47. This follows the release of the banking giant's first quarter update this morning. For the three months, CBA reported a 2% increase in cash earnings over the second half average to $2.5 billion. Goldman Sachs commented: "Cash profit from continuing operations in 1Q23 of c.A$2.5 bn was up 13% vs 1Q22 and run-rating c.5% ahead of what is implied by our 1H23E forecasts."

DGL Group Ltd (ASX: DGL)

The DGL share price is up 17% to $1.72. Investors have been buying this industrial chemicals company's shares following the release of its annual general meeting update. DGL confirmed that it expects to report underlying EBITDA of $70 million to $72 million in FY 2023. This will be up from $65.6 million in FY 2022.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price has jumped 7% to $4.00. This morning this agricultural chemicals company released its full year results and revealed a 186% increase in net profit after tax excluding individually material items to a record $1,027 million. Incitec Pivot also announced a $400 million share buyback.

Readytech Holdings Ltd (ASX: RDY)

The Readytech share price is up 2.5% to $3.98. This has been driven by an update on its potential takeover by Pacific Equity Partners. According to the release, following recent meetings and the due diligence undertaken to date, Pacific Equity Partners has reconfirmed that it remains willing, on a conditional, non-binding indicative basis, to pursue an acquisition of ReadyTech at an offer price of $4.50 per share.

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 positions in and has recommended DGL Group Limited and Readytech Holdings Ltd. The Motley Fool Australia has recommended DGL Group Limited and Readytech Holdings Ltd. 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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