In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a subdued note. The benchmark index is currently down 0.3% to 7,284.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is up 4.5% to $1.70. Investors have been buying this sports betting company's shares after it announced a $1 per share capital return following the initial completion of the sale of its US business. To be eligible to receive this capital return, investors need to own Pointsbet shares before they trade ex-return of capital on 6 September.
Santos Ltd (ASX: STO)
The Santos share price is up 2% to $7.83. This morning, this energy producer announced a binding sale agreement to deliver Kumul Petroleum a 2.6% participating interest in PNG LNG for a total purchase consideration comprising cash of US$576 million and the assumption of US$160 million of project finance debt. An option for a further 2.4% interest has also been agreed.
Talga Group Ltd (ASX: TLG)
The Talga share price is up 5% to $1.28. The catalyst for this is news that Swedish courts have rejected a request to overturn the approval of the environmental and Natura 2000 permit for the graphite producer's Nunasvaara South mine. Management responded: "We are excited to continue working on this critical project for European green battery production alongside the local community and stakeholders."
Webjet Limited (ASX: WEB)
The Webjet share price is up 2.5% to $7.15. This morning, analysts at UBS responded to the company's annual general meeting update by retaining their buy rating and $9 price target. While the broker wasn't blown away by its update, it feels the company is well-positioned to achieve consensus earnings expectations in FY 2024.