Why Domino’s, Healius, Kogan, and Vulcan shares are pushing higher

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a very poor start and is trading only slightly lower. At the time of writing, the benchmark index is down 0.2% to 7,265.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is up 5% to $131.56. Investors have been buying this pizza chain operator’s shares on Monday despite there being no news out of it. However, the prospect of some European countries locking down because of the Omicron variant of COVID-19 appears to be boosting investor sentiment. Domino’s was a big winner from previous lockdowns.

The Healius share price is up 3% to $4.90. This gain appears to have been driven again by news of the new Omicron variant. Healius has been benefiting greatly from elevated demand for COVID testing services. This new variant of concern could underpin strong testing volumes for some time to come.

The Kogan share price is up 3.5% to $8.29. Investors may be buying this ecommerce company’s shares on the belief that it could benefit if Omicron forces Australia into another lockdown. In addition, bargain hunters may be swooping in today following another selloff of its shares last week following a disappointing update.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 3.5% to $10.59. This morning Vulcan announced that it has signed a binding lithium hydroxide offtake agreement with auto giant Stellantis. It is the world’s fourth largest automaker and the name behind brands including Alfa Romeo, Chrysler, Citroen, Fiat, Jeep, Maserati, and Peugeot. Vulcan will supply Stellantis with a minimum of 81,000 tonnes and a maximum of 99,000 tonnes of battery grade lithium hydroxide over a five-year period from 2026.

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