In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.9% to 8,182.5 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Brickworks Limited (ASX: BKW)
The Brickworks share price is up 3% to $27.00. This appears to have been driven by a bullish broker note out of Bell Potter this morning. According to the note, the broker has upgraded the building products company's shares to a buy rating (from hold) with an improved price target of $32.00 (from $31.00). Bell Potter believes recent share price weakness has created a buying opportunity for investors. It said: "We view the pullback in share price as an opportunity to get BMats and Property at or close to the bottom of the cycle. We upgrade our rating to Buy with a PT of $32.00ps."
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is up over 7% to $53.97. This follows the release of the building materials company's second quarter update this morning. James Hardie revealed a 4% decline in net sales to US$961 million and an 8% decline in adjusted EBITDA to US$263 million. Looking ahead, James Hardie CFO, Rachel Wilson, was cautiously optimistic. She said: "Despite greater market headwinds than we anticipated in our original outlook, we remain well-positioned to deliver volumes within our original guidance range. Our Hardie Operating System initiatives, together with efforts to rationalize and prioritize expenses enable us to achieve even better profitability than we initially anticipated. We are therefore reaffirming the low end of our volume guidance range and raising the low end of both our North America EBIT Margin and Adjusted Net Income ranges."
Megaport Ltd (ASX: MP1)
The Megaport share price is up 4% to $8.42. Investors have been buying this network as a service company's shares despite there being no news out of it today. Though, it is worth noting that Megaport is likely to be releasing a trading update at next week's annual general meeting. Investors may be expecting a strong quarter to drive its shares higher.
OFX Group Ltd (ASX: OFX)
The OFX Group share price is up 8% to $1.34. This international payment services provider's shares are rebounding on Wednesday after being sold off on Tuesday following the release of its half year results. OFX reported a 4% decline in turnover to $18.4 billion and a 20.6% decline in underlying net profit after tax to $13.5 million. Some investors may believe the selling was overdone and has created a buying opportunity.
The post Why Brickworks, James Hardie, Megaport, and OFX shares are charging higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks and Megaport. The Motley Fool Australia has positions in and has recommended Brickworks. 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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