Despite a challenging day for the broader market, with the S&P/ASX 200 Index down 1% to 7,758.4 points after a stronger-than-expected inflation reading, several ASX shares managed to buck the trend and post gains on Wednesday. Here's a closer look at three such shares and the reasons behind their upward movement:
A2 Milk Company Ltd (ASX: A2M)
A2 Milk Company shares rose over 2% to $6.66 on Wednesday. This increase was driven by a positive broker note from Citi released this morning. Citi expressed confidence in A2 Milk's outlook, citing very positive industry data. The broker highlighted the improving birth rate outlook in China and suggested that domestic brands would not hinder A2 Milk's growth. Consequently, Citi reaffirmed its buy rating on A2 Milk's shares and maintained a price target of $7.85. This target implies a potential upside of almost 18% for investors over the next 12 months.
Actinogen Medical Ltd (ASX: ACW)
Shares of Actinogen Medical surged 19% to 3.7 cents following the announcement of positive trial data for its Xanamem product. The biotech company reported that Xanamem showed promising results in patients with elevated blood pTau levels.
Karoon Energy Ltd (ASX: KAR)
Karoon Energy shares increased by 2% to $1.80, likely in response to the energy company's drilling and operational update released yesterday. The update confirmed that the Bauna Project had restarted production as scheduled on June 11. Additionally, Karoon Energy advised that its Who Dat production is currently averaging over 40,000 barrels of oil equivalent (boe) per day on a gross basis. As a result, Karoon Energy expects Who Dat production for the quarter ending June 30, 2024, to be approximately 0.8 million boe.