Why these 4 ASX shares are climbing higher today

The Accent Group Ltd (ASX:AX1) share price is one of four climbing notably higher on Tuesday. Here's why…

| More on:
a woman

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

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 0.5% to 6,212.8 points due partly to heavy declines in the energy sector.

Four shares that have defied the market and pushed higher today are listed below. Here's why they are climbing higher:

The Accent Group Ltd (ASX: AX1) share price has rebounded from yesterday's heavy decline with a 4% gain to $1.47. The retailer's shares came under heavy selling pressure yesterday after the company advised that 36,842,105 shares given to the shareholders of Hype DC will be released from escrow next month. Investors appear concerned that these shares could be sold off en masse, putting pressure on its share price.

The Bingo Industries Ltd (ASX: BIN) share price has risen almost 4% to $2.63 after the waste management company advised that its major shareholders have no intention of selling shares when they are released from escrow in August. The Tartak family own a total of 30% of the company and there had been speculation of a sell down when the escrow period ends.

The Cooper Energy Ltd (ASX: COE) share price has continued its climb and is up a further 4.5% to 45 cents. On Monday the energy producer reported quarterly revenue of $19.6 million, which led to a 71% increase in full-year revenue of $66.7 million. This was driven largely by a 54% increase in full-year production to 1.49 million barrels of oil equivalent, which was at the high-end of its upgraded guidance.

The Praemium Ltd (ASX: PPS) share price has climbed almost 3% to 97.5 cents. Today's gain is likely to be attributable to a broker note out of Morgans which revealed that its analysts have upgraded the fintech company's shares to an add rating with an increased price target of $1.07. The broker made the move on the back of its latest funds under administration update which saw Praemium's platform exceed $8 billion in funds.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 34% on strong earnings growth

Investors just sent this ASX All Ords stock surging 34%. Here’s what’s happening.

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Gainers

Why Dimerix, Newmont, Regal Partners, and Titomic shares are storming higher

These shares are having a good finish to the week. Let's see why.

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why Fortescue, Lynas, PEXA, and Regis Healthcare shares are charging higher

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

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Why Capricorn Metals, Insignia, Perseus Mining, and Qoria shares are storming higher

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

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Amaero, AMP, Block, and South32 shares are racing higher today

These shares are starting the week on a positive note. But why?

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another momentous session for ASX shares this Friday.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why BHP, Catalyst Metals, Mesoblast, and Pilbara Minerals shares are shooting higher

These shares are ending the week with a bang. But why?

Read more »

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

The Mesoblast share price just rocketed 38%! Here's why

ASX investors just sent the Mesoblast share price up 38%. But why?

Read more »