In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower. At the time of writing, the benchmark index is down 0.4% to 7,067.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:
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Eclipx Group Ltd (ASX: ECX)
The Eclipx share price is up 8.5% to $2.15 following the release of its half year results. For the six months ended 31 March, the fleet management and salary packaging company reported net operating income of $105.9 million and net profit of $39.3 million. This was a 22% and 77% increase, respectively, over the prior corresponding period.
Emeco Holdings Limited (ASX: EHL)
The Emeco share price has jumped 7% to 99.5 cents. The catalyst for this was the release of a capital management update by the mining equipment company. According to the release, Emeco's new capital management policy will see the company allocate 25% to 40% of operating net profit after tax to capital management initiatives each year. The policy will take effect following the end of FY 2021.
SeaLink Travel Group Ltd (ASX: SLK)
The SeaLink share price is up 2.5% to $10.08 after announcing a new acquisition. According to the release, the travel and transport company has entered into a binding agreement to acquire Western Australia-based Go West Tours for an enterprise value of $84.7 million. The deal also includes an earnout component of up to $25 million. Go West is one of the largest specialist bus operators serving the resources sector in Western Australia.
Starpharma Holdings Limited (ASX: SPL)
The Starpharma share price has stormed 4% higher to $1.85. This follows the release of an update on its Viraleze antiviral nasal spray. According to the release, the Viraleze antiviral nasal spray is now available for purchase by consumers in Europe via the company's webstore. Viraleze is a broad spectrum antiviral nasal spray that irreversibly inactivates >99.9% of coronavirus/SARS-CoV-2 within one minute.
