In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down 0.1% to 7,138.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:
Brainchip Holdings Ltd (ASX: BRN)
The BrainChip share price is up 9% to $1.28. This follows a press release which reveals that the artificial intelligence technology company has been accepted into the Arm AI Partner Program. This is an ecosystem of hardware and software specialists enabling developers to deliver the next generation of AI solutions.
Codan Limited (ASX: CDA)
The Codan share price is up 13% to $7.62. Investors have been buying this technology company's shares following the release of its guidance for FY 2022. Codan revealed that it expects to match its record first-half profit in the second half. This would mean a record full-year profit of $100 million, which is up 56% year-on-year. Management advised that this strong growth has been supported by its strategy to diversify revenues and profitability.
Elders Ltd (ASX: ELD)
The Elders share price is up 10% to $15.12. This follows the release of a half-year result that smashed expectations. The agribusiness company reported a 38% increase in sales revenue to $1,514.8 million and an 80% jump in EBIT to $132.8 million. This compares to Goldman Sachs' estimate of $1,245.2 million and $93.7 million, respectively. Management also upgraded its full-year earnings guidance.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 5% to $1.97. Investors have responded positively to news that the company has withdrawn its offer to acquire a 50% non-operated interest in the Atlanta oil field, Santos basin, offshore Brazil. Management was unable to complete the necessary due diligence and conclude negotiation of acceptable terms in respect of the potential transaction during the agreed exclusivity period.
