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:
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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.
