The S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. In afternoon trade, the benchmark index is down 1.8% to 6,861.1 points.
Four ASX shares that have not let that hold them back are listed below. Here's why they are rising:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 4.5% to $5.50. Investors have been buying this infant formula company's shares after it was given approval to import, sell, and distribute products in the US market. Management estimates that it will ship 1 million cans of infant formula to the country during the second half.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is up 5% to $6.06. This morning, this coal miner announced plans to undertake a $300 million on-market share buyback. The buyback is expected to commence on 17 November and run for 12 months. Management made the move on the belief that the company's "current share price does not accurately reflect the underlying value of the Company's assets."
Perpetual Limited (ASX: PPT)
The Perpetual share price has jumped 7% to $28.85. This follows news that the fund manager has received but rejected a $30.00 per share takeover offer. Management believes the offer from a consortium comprising BPEA Private Equity Fund VIII and Regal Partners "materially" undervalues the company.
Talga Group Ltd (ASX: TLG)
The Talga share price is up over 5% to $1.29. This morning the battery materials company advised that the hearing for its Vittangi Graphite Project mine environmental permit has been scheduled by the Swedish Land and Environment Court. The hearing is expected to conclude the week of 20 February 2023. If approved, it would be a major step forward for the project.
