The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.7% to 7,020.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are pushing higher:
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5E Advanced Materials Inc (ASX: 5EA)
The 5E Advanced Materials share price is up 18% to $2.60. This morning the boron and lithium explorer announced that it has entered into an agreement with Bluescape Energy Partners. The US investor will buy $60 million of secured convertible notes. 5E Advanced Materials also advised that the construction of a small-scale boron facility is on schedule for completion in the final quarter of this year.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up 1% to $4.66. Investors have been buying this insurance giant's shares after responding positively to its full year results release. IAG reported a net profit after tax of $347 million for the 12 months ended 30 June. This was up from a $427 million loss in the prior corresponding period.
Magnis Energy Technologies Ltd (ASX: MNS)
The Magnis share price is up 29% to 47 cents. This morning the energy technology company announced that commercial production is underway at its lithium-ion battery plant in New York. Magnis plans to produce several thousand lithium-ion cells in the next month for quality assurance before increasing annual production levels to 1GWh by the end of 2023.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 2.5% to $32.43. Investors have been buying Woodside and other energy shares today after the IEA increased its demand growth forecasts. This has led to the S&P/ASX 200 Energy index rising by over 1.7% this afternoon despite the market decline.
