Why Air New Zealand, Metcash, Service Stream, and Woodside shares are rising today

Not all shares are falling with the market on Thursday.

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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 7,101.8 points.

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

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is up 1.5% to 70.5 cents. This morning, the airline operator released an update on its guidance for FY 2023. According to the release, the airline now expects earnings before other significant items and tax to be no less than NZ$580 million. This compares with the prior guidance range given in April of NZ$510 million to NZ$560 million.

Metcash Limited (ASX: MTS)

The Metcash share price is up 3% to $3.59. This follows news that analysts at Goldman Sachs have taken their sell rating off this wholesale distributor's shares and upgraded them to neutral with a $3.50 price target. The broker believes all the potential negatives are now priced into its shares.

Service Stream Ltd (ASX: SSM)

The Service Stream share price is up 8% to 74.5 cents. This morning, this essential network services provider revealed that it has received a material tax refund to the amount of $50.2 million inclusive of interest. This is part of the ATO's temporary Loss Carry Back Tax Offset initiative.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 1.5% to $34.87. This follows a rise in oil prices overnight driven by Saudi Arabia's plan to cut production. It isn't just Woodside shares that are rising on Thursday. The S&P/ASX 200 Energy index is outperforming the market and up a decent 1.2% in afternoon trade.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Metcash. 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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