Why Aussie Broadband, Azure Minerals, Beach Energy, and Wildcat Resources are rising

These ASX shares are avoiding the sell-off. But why?

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A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.85% to 6,795.3 points.

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

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price is up 2% to $3.92. This follows the release of a trading update at the broadband provider's annual general meeting. Aussie Broadband revealed that it has started the year positively and reaffirmed its guidance for FY 2024. It expects EBITDA in the range of $100 million to $110 million, which will be a 12% to 23% increase.

Azure Minerals Ltd (ASX: AZS)

The Azure Minerals share price is up 43% to $3.49. Investors have been scrambling to buy this lithium explorer's shares after it agreed to be taken over by lithium giant Sociedad Quimica y Minr de Chile SA (NYSE: SQM) for $1.52 per share. However, there are rumours now floating around suggesting that Gina Rinehart could be loading up on shares to block this takeover as well.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up over 3% to $1.53. This morning, analysts at Citi upgraded the energy producer's shares to a neutral rating with a $1.55 price target. Elsewhere, Bell Potter has retained its buy rating and $2.00 price target.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat Resources share price is up 7% to 80 cents. This follows news that the lithium explorer has announced a change of leadership. Non-executive director AJ Saverimutto will transition to managing director and CEO, whereas Tim Manners joins as CFO. Saverimutto is a mining engineer with more than 25 years of Australian and international mining industry experience across project development and mine management roles.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 positions in and has recommended Aussie Broadband. The Motley Fool Australia has recommended Aussie Broadband. 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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