In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and dropped into the red. At the time of writing, the benchmark index is down 0.2% to 7,026.6 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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GQG Partners Inc (ASX: GQG)
The GQG share price is up 3% to $1.51. Investors have been buying this fund manager's shares on Monday following the release of its latest funds under management (FUM) update. GQG reported FUM of $104.1 billion at the end of June, which is up 5.7% since the end of May.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 3% to $2.04. This morning, this energy producer released an update on its Neon resource. Management revealed that successful control well drilling has reduced subsurface uncertainty and helped narrow its contingent resource estimates. This has seen 1C resources increase by 26% to 37.7MMbbl.
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is up 9% to $1.23. This is despite there being no news out of the lithium developer. However, its shares have been on fire recently thanks to news that it has produced its first direct shipped ore (DSO) from the Goulamina Lithium Project in Mali. On an annualised basis, the company is targeting 185,000 tonnes of DSO exports until spodumene production commences.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 9% to 26.7 cents. This morning, this mineral exploration company released an update on the Caldeira REE Project in Brazil. That update revealed a binding option agreement to acquire significant and strategic ionic clay rare earth element (REE) rights on licences that merge crucial areas identified in the recent maiden resource estimate for the project.
