In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.8% to 7,353.3 points.
Four ASX shares that are not letting that stop them from climbing today are listed below. Here's why they are racing higher:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 5% to $7.02. Investors have been buying this infant formula company's shares after it revealed that its dairy processor is being audited by Chinese regulators next week. If everything goes to plan, this would allow A2 Milk to continue supplying its China label infant formula to the lucrative market.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up 3% to $1.06. This morning, this lithium developer announced that it has signed a deal with LG Chem for an equity investment and binding offtake agreement. LG Chem will invest $75 million into the company and commit to the offtake of 200,000 metric tonnes of spodumene concentrate from the North American Lithium project over a four-year term.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is up over 8% to $14.54. This follows the release of the insurance giant's full year results. QBE reported cash earnings of $842 million and net profit after tax of $847 million for FY 2022, which was well ahead of expectations. Goldman Sachs, for example, was expecting cash earnings of $676 million and described it as a "strong beat."
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is up 4.5% to $13.07. This morning, analysts at Citi responded positively to the retailer's half year results and retained their buy rating with an improved price target of $14.50. Although the results were largely pre-released, Citi was pleased to see that sales have been strong so far in the second half.
