In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. At the time of writing, the benchmark index is down 0.45% to 6,967.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
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BWP Trust (ASX: BWP)
The BWP share price is up 1.5% to $4.30. Investors have been buying this Bunnings-focused commercial property company's following the release of its full year results. BWP reported modest revenue and profit growth before investment property gains. But including these gains, its profits rose 85% to $486.6 million.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is up 7% to $9.52. This morning this rare earths company announced plans for a $500 million capacity-expansion at Mt Weld Global. This is being undertaken due to forecasts for demand for rare earth materials and NdFeB magnets more than doubling over the next 10 years.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 2% to $2.79. Investors have been buying this lithium miner's shares after it revealed the results of its latest BMX auction. According to the release, the price it commanded at this month's digital auction rose month on month to US$6,350 per dry metric tonne (SC5.5, FOB Port Hedland basis). On a pro rata basis for lithia content (inclusive of freight costs), this equates to a price of ~US$7,012 per dmt (SC6.0, CIF China basis).
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price has jumped almost 15% to $11.55. The catalyst for this was the release of the investment company's full year results, which revealed a 14% increase in net profit after tax to $76.4 million. Analysts at Morgans were forecasting a profit after tax of $75.3 million.
