The S&P/ASX 200 Index (ASX: XJO) is having a subdued start the week. In afternoon trade, the benchmark index is down 0.3% to 7,030.4 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 1.5% to $1.55. This follows a big rise in oil prices on Friday night amid concerns over the Middle East situation. According to Bloomberg, on Friday night the WTI crude oil price was up 5.8% to US$87.69 a barrel and the Brent crude oil price was up 5.7% to US$90.89 a barrel.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is up 3% to $3.53. Investors have been buying this gold miner's shares today after the price of the precious metal jumped. Traders were buying gold after the demand for safe-haven assets increased following escalating tensions in the Middle East. The S&P/ASX All Ordinaries Gold index is up 4% at the time of writing.
Kingsgate Consolidated Limited (ASX: KCN)
The Kingsgate share price is up 3% to $1.16. This morning, this gold miner revealed that mining operations have started in the A Pit West at the Chatree Gold Mine. Initial works are focusing on mining approximately 200,000 tonnes of broken waste rock and ore that remained when Chatree was closed at the end of 2016.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up almost 1.5% to $11.59. This follows the release of an update on the wine giant's performance during the first quarter of FY 2024. While no numbers were provided, management advised that trading was in line with expectations and reaffirmed its long-term margin targets.