Why AMP, Core Lithium, Downer EDI, and IDP Education shares are racing higher

A market selloff hasn't been able to hold these shares back.

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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 0.95% to 7,532.1 points.

Four ASX shares that have avoided the selloff today are listed below. Here's why they are rising:


The AMP share price has jumped 10% to $1.07. Investors have been buying the financial services company's shares following the release of its full year results. AMP reported a 6.5% increase in underlying net profit after tax to $196 million. It also revealed that a $295 million share buyback is in the works.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 11% to 20.5 cents. This is despite there being no news out of the lithium miner today. However, with its shares down by 80% since this time last year, some investors may believe that value is emerging. Alternatively, short sellers could be buying shares to close their sizeable positions.

Downer EDI Ltd (ASX: DOW)

The Downer share price is up almost 14% to $4.90. This follows news that the integrated services company has returned to profit growth during the first half of FY 2024. Downer reported a 1% decline in revenue but an 11.9% increase in underlying NPATA to $76.1 million. This allowed the company's board to increase its interim dividend by 20% to 6 cents per share.

IDP Education Ltd (ASX: IEL)

The IDP Education share price is up 9% to $22.11. This morning, this student placement and language testing company released its half-year results and revealed strong revenue and earnings growth. The latter saw its EBIT increase 25% to $159 million, which was comfortably ahead of the market's expectations for the half.

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 positions in and has recommended Idp Education. The Motley Fool Australia has recommended Idp Education. 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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