Why Capricorn Metals, DDH1, Metcash, and Silk Laser shares are racing higher

These ASX shares are starting the week strongly.

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It has been a disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.5% to 7,063.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is up almost 5% to $4.24. This morning, this gold miner revealed that it has reduced its gold hedge book by 51,000 ounces. This is to provide further exposure to any increase in the A$ gold price over the next 15 months. Capricorn advised that the closure of this gold hedging results in it having no hedging delivery obligations until September 2024.

DDH1 Ltd (ASX: DDH)

The DDH1 share price is up over 6% to 91.5 cents. Investors have been buying this drilling services company's shares after it agreed to be acquired by Perenti Ltd (ASX: PRN). If all goes to plan, DDH1 shareholders will receive 12.38 cents in cash together with 0.7111 Perenti shares per DDH1 share. This values DDH1 at an equity value of $410 million.

Metcash Limited (ASX: MTS)

The Metcash share price is up 4% to $3.73. This morning, this wholesale distributor released its full-year results and delivered profits ahead of expectations. Metcash reported group revenue growth of 6.2% to $15.8 billion and underlying profit after tax growth of 4.6% to $307.5 million. This compares to consensus estimates of $16,241 million and $304 million, respectively.

Silk Laser Australia Ltd (ASX: SLA)

The Silk Laser share price is up 17% to $3.31. This follows news that Wesfarmers Ltd (ASX: WES) has returned with an improved takeover offer of $3.35 cash per share. This values the non-surgical aesthetics clinic operator at $180 million. Wesfarmers had previously offered $3.15 per share and declined to match a higher offer from EC Healthcare.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers. The Motley Fool Australia has recommended Metcash and Silk Laser Australia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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