The S&P/ASX 200 Index (ASX: XJO) is well and truly out of form on Wednesday and on course to record a sizeable decline. In afternoon trade, the benchmark index is down 1.3% to 7,785.9 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
29Metals Ltd (ASX: 29M)
The 29Metals share price is up 7% to 45 cents. This is despite there being no news out of the copper miner today. However, it is worth noting that its shares were sold off last week following a disappointing update on the Capricorn Copper Operation. It has been forced to suspend operations indefinitely due to a steady accumulation of water in regulated structures on site. It seems that some investors believe that its shares were oversold last week.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up over 1% to $5.02. This morning, this uranium developer announced that it has successfully passed the final technical milestone in its Honeymoon re-start strategy. Next week, concentrated high-grade eluate will be recovered through an upgraded precipitation circuit to produce UO4, and then calcined to produce a high-quality saleable uranium oxide (U3O8) product. This paves the way for the first drum of uranium to be filled in the next two weeks.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is up 2.5% to 22 cents. This follows the release of a market update from the gas producer. That update revealed that the BMG wells decommissioning programme is now over 70% complete. Pleasingly, the programme remains in-line with the mid-case cost guidance of $240 million to $280 million. In addition, its Orbost Improvement Project initiatives continue to progress well, with increased average processing rates at the plant.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is up 8% to $1.96. Investors have been buying Ramelius Resources shares today after the gold miner released a production update. According to the release, the company achieved record gold production of 86,928 ounces during the March quarter. This was ahead of its guidance for production of 70,000 ounces to 77,500 ounces. Another positive was that the miner finished the period with cash and gold of $407.1 million. This reflects free cash flow generation of $125.3 million during the three months. Ramelius Resources shares are now up an impressive 65% over the last 12 months.
