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.

| More on:
A couple are shocked and elated at the good news they've just seen on their devices.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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:

AMP Ltd (ASX: AMP)

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.

More on Share Market News

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Let's also take a look at what the various ASX sectors were doing this Wednesday.

Read more »

Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Argosy Minerals, Immutep, Pointsbet, and Regis Resources shares are racing higher

These shares are having a strong session on Wednesday. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Chalice Mining, Cleanaway, Kogan, and Perpetual shares are sinking today

These ASX shares are having a tough time on Wednesday. But why?

Read more »

Man looking at his grocery receipt, symbolising inflation.
Share Market News

Why the ASX 200 just crumbled on today's inflation print

ASX 200 investors are hitting the sell button following the latest Australian inflation news.

Read more »

man grimaces next to falling stock graph
Share Fallers

Why did this ASX 100 stock just crash 11%?

Cleanaway shares have been on a crazy roller-coaster over the past 24 hours.

Read more »

a man in a british union jack T shirt hurdles high into the air with london bridge visible in the background.
Mergers & Acquisitions

Nick Scali shares halted amid $60m capital raising and UK expansion news

This furniture retailer has its eyes on the UK furniture market.

Read more »

An arrogant banker pleased with himself and his success winks at his mobile phone while taking a selfie
Share Market News

Are ASX 200 bank shares like CBA 'too expensive' right now?

Are banks overpriced or good value today?

Read more »