The S&P/ASX 200 Index (ASX: XJO) has taken a tumble this afternoon after the Reserve Bank surprised the market with a rate hike. In afternoon trade, the benchmark index is down 0.85% to 7,271.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising today:
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Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price is up 5% to $2.54. This follows the release of an update from the waste management company at an investor conference. Management revealed that it continues to expect underlying EBITDA of $670 million in FY 2023. And with depreciation and amortisation expected to be approximately $370 million, the company's EBIT is forecast to come in at $300 million.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 2% to $7.10. This morning, Bell Potter upgraded the grain exporter's shares to a buy rating with an $8.00 price target. It commented: "El Niño events can undermine near term earnings (i.e. FY24e), however, we see the current share price as beginning to reflect value on a through the cycle basis."
Healius Ltd (ASX: HLS)
The Healius share price is up over 2% to $3.09. This follows the release of a broad market update. Healius revealed that it has received cash proceeds of $127 million from the sale of Montserrat Day Hospitals. It also announced a new debt covenant waiver and confirmed that it is on track to achieve consensus earnings estimates in FY 2023.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 1% to $1.65. This medical device company's shares were up as much as 12% at one stage after it announced the first sales of a new product. PolyNovo has sold its advanced wound care treatment called NovoSorb MTX to two hospitals in the US. It said its first sales had "occurred faster than expected."
