Why Bapcor, Codan, Mirvac, and Pact shares are racing higher

These ASX shares are defying the odds and racing higher.

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The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday. In afternoon trade, the benchmark index is down 1.5% to 7,196.5 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is up 6% to $6.81. Investors have been buying this auto parts retailer's shares following the release of its FY 2023 results. Bapcor reported a 9.7% increase in revenue to a record $2 billion. And while its underlying net profit after tax dropped 4.8% to $125.3 million, that hasn't put off investors. Particularly with management expecting a "solid underlying performance" in FY 2024.

Codan Limited (ASX: CDA)

The Codan share price is up over 4% to $7.99. Although Codan has delayed its full-year results release due to illnesses in its audit team, it has provided an update on its performance in FY 2023. Unaudited group revenue was down 10% and net profit after tax was down 35% to $65 million. The market appears to have been expecting a bigger earnings decline.

Mirvac Group (ASX: MGR)

The Mirvac share price is up 4% to $2.37. This morning, this property company released its full-year results and revealed earnings in line with guidance. Mirvac's operating earnings came in at 14.7 cents per share. Looking ahead, management expects a small decline in operating earnings in FY 2024 to 14 to 14.3 cents per share.

Pact Group Holdings Ltd (ASX: PGH)

The Pact share price is up 6.5% to 81 cents. Investors have been buying this packaging company's shares following the release of its FY 2023 results. Pact reported a 6% increase in revenue to $1,949 million and a 36% decline in net profit after tax to $45 million.

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 Bapcor. 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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