The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.35% to 6,952.5 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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Boral Limited (ASX: BLD)
The Boral share price is up 4.5% to $4.94. This morning, this building materials company upgraded its FY 2024 earnings guidance after a stronger-than-expected start to the financial year. Boral now expects earnings before interest and tax (EBIT) to be in the range of $300 million to $330 million. This is up from $270 million to $300 million previously. The midpoint of its new guidance range implies earnings growth of 36% year on year.
Elders Ltd (ASX: ELD)
The Elders share price is up 16% to $7.17. This follows the release of the agribusiness company's FY 2023 results. Although the company posted a 38% decline in net profit after tax to $101 million, this appears to have been better than feared.
Fleetpartners Group Ltd (ASX: FPR)
The Fleetpartners share price is up 3.5% to $2.71. It also released its FY 2023 results today and reported a 21% decline in net profit after tax and amortisation to $88 million. The fleet management company, formerly known as Eclipx, blamed the decline on the normalisation of COVID-19-related tailwinds.
NIB Holdings Limited (ASX: NHF)
The NIB share price is up 2.5% to $7.48. This morning, Citi upgraded this private health insurer's shares to a buy rating with an $8.35 price target. It was pleased with the company's quarterly update. Citi said: "With arhi reporting stronger growth than at this stage a year ago and decent momentum in iihi and NZ, we believe nib looks attractive."
