The S&P/ASX 200 Index (ASX: XJO) has come under pressure on Wednesday largely due to weakness in the banking sector. In afternoon trade, the benchmark index is down 1% to 7,357.7 points.
Four ASX shares that aren't letting that hold them back today are listed below. Here's why they are charging higher:
Cochlear Limited (ASX: COH)
The Cochlear share price is up over 6% to $222.72. This follows the release of the hearing solutions company's half year results. While Cochlear reported a decline in its half year profit, it continues to expect solid full year profit growth thanks to the launch of the new Nucleus 8 Sound Processor and the continuing recovery from COVID surgery delays.
GUD Holdings Limited (ASX: GUD)
The GUD share price is up over 6% to $8.80. Investors have been buying this diversified products company's shares after it reported a 55.7% increase in half year revenue and an 88.7% jump in net profit. This was driven by a strong core automotive result combined with full six-month contributions from APG and Vision X.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is up 5% to $13.91. This has been driven by the investment platform provider's half year results. Netwealth reported an 18.9% increase in total income to $102.8 million and record underlying EBITDA of $47.4 million. This was driven by a 10.2% increase in funds under administration to $62.4 billion.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is up 2.5% to $49.82. The catalyst for this has been the release of the conglomerate's half year update. Wesfarmers reported a 27% increase in revenue to $22.56 billion and a 14.1% lift in net profit after tax of $1.38 billion. Strong performances from Bunnings and Kmart played a role in this solid performance.
