Why Block, Core Lithium, Fisher & Paykel Healthcare, and Virgin Money are rising today

These shares are ending the week on a positive note. But why?

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Two colleagues at work looking at a tablet and smiling at a rising share price.

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.3% to 7,758.9 points.

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

Block Inc (ASX: SQ2)

The Block share price is up 2% to $127.85. This is despite there being no news out of the payments company on Friday. Though, it is worth noting that its NYSE-listed shares stormed 3% higher overnight, so its locally listed shares are playing catch up today. Block's shares are now up 26% since this time last month thanks largely to the release of an impressive result in February. Its exposure to booming cryptocurrencies may also be giving its shares an added boost.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 4% to 17.2 cents. This has been driven by the release of exploration results from the Finniss operation. Management revealed that wide zones of spodumene mineralisation were intersected in drilling at the high priority Ah Hoy and Seadog prospects. These results suggest the potential for these two adjacent prospects to form part of a larger cluster of mineralised pegmatites. Its exploration will now focus on testing large scale pegmatite targets which can potentially sustain lower cost production.

Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up 5.5% to $23.72. This follows the release of a guidance update from the medical device company this morning. Fisher & Paykel Healthcare was previously expecting operating revenue of NZ$1.7 billion and net profit after tax of approximately NZ$250 million to NZ$260 million for FY 2024. It has now updated this to operating revenue of NZ$1.73 billion and underlying profit after tax (excluding any fair value changes) of NZ$260 million to NZ$265 million.

Virgin Money UK (ASX: VUK)

The Virgin Money UK share price is up 3.5% to $4.08. This has been driven by an update on its takeover approach by Nationwide Building Society. According to the release, the two parties have agreed the terms of a recommended cash acquisition of Virgin Money UK by Nationwide. Under the terms of the acquisition, each Virgin Money shareholder will be entitled to receive 220 pence (~A$4.29) in cash per share.

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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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