Why Boral, Elders, Fleetpartners, and NIB shares are rising today

These ASX shares are defying the market weakness and pushing higher. But why?

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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:

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."

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended NIB Holdings. The Motley Fool Australia has recommended Elders. 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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