AEF, CMW and SMP: Three ASX Shares Outperform Amidst Market Downturn

2 min read | May 23, 2024 05:47 PM AEST | By Team Kalkine Media

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AEF, CMW and SMP: Three ASX Shares Outperform Amidst Market Downturn — Image source: shutterstock

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The S&P/ASX 200 Index is experiencing a downturn on Thursday, trading 0.46% lower at 7,811.80 points, several ASX shares are demonstrating remarkable resilience. Here’s a look at three standout performers and the reasons behind their gains:

Australian Ethical Investment Ltd (ASX: AEF)

Australian Ethical Investment Ltd shares are up 5% to AU$4.62. This surge follows the announcement of a binding agreement to acquire the sustainable fixed income asset management business, Altius Asset Management, from Australian Unity. This acquisition will boost Australian Ethical's funds under management (FUM) from AU$10.3 billion to AU$12.3 billion, marking a 19% increase. Management emphasizes that this acquisition aligns with their strategy to tap into the growing potential of the responsible investing market, driven by structural trends favoring sustainable investments.

Cromwell Property Group (ASX: CMW)

Cromwell Property Group shares have risen over 8% to 47 cents. The property company announced its agreement to sell its European fund management platform and interests to Stoneweg for AU$457 million. This transaction supports Cromwell’s strategy to simplify its business and transition to a capital-light fund management model, allowing the company to focus on its core competencies in Australia and New Zealand.

Smartpay Holdings Ltd (ASX: SMP)

Smartpay Holdings Ltd shares have soared more than 10% to AU$1.22. This follows the announcement of a significant contract with Cuscal Payments NZ. Cuscal will provide payment processing services to support Smartpay’s acquiring services in New Zealand. CEO Marty Pomeroy highlighted that this milestone is crucial in Smartpay’s ongoing partnership with Cuscal and their journey to becoming a trans-Tasman instore payments provider, thus unlocking transformational opportunities for the organization.

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