Why Latin Resources, Newmont, Nick Scali, and ResMed shares are surging today

These ASX shares are ending the week strongly. But why?

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Man drawing an upward line on a bar graph symbolising a rising share price.

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The S&P/ASX 200 Index (ASX: XJO) is having a very difficult session on Friday. In afternoon trade, the benchmark index is down 1.2% to 7,589.4 points.

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

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is up 7.5% to 21.5 cents. This follows the release of the lithium developer's quarterly update. Management spoke positively about the progress it is making at the 100% owned Salinas Lithium Project in Brazil. This includes the discovery of a third major spodumene discovery, named Planalto. It said: "This has been another impressive quarter for Latin Resources, with significant progress made at the Salinas Lithium Project including the unearthing of the Planalto prospect, our third major discovery for the Project."

Newmont Corporation (ASX: NEM)

The Newmont share price is up 13% to $65.31. This follows the release of the gold mining giant's quarterly update. Newmont reported a 4% decline in gold production to 1,675,000 ounces. However, this could not stop the company from delivering strong profit growth. The Newcrest owner's adjusted net income came in at US$630 million or US$0.55 per diluted share. This is an increase of 39.4% and 19.5%, respectively, on the prior quarter. The latter was notably better than the consensus estimate at US$0.36 per share.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 13% to $15.91. This morning, this furniture retailer's shares returned from a trading halt following the completion of its institutional placement. Nick Scali has raised $46 million via a fully underwritten institutional placement of approximately 3.5 million new shares at a price of $13.25 per new share. Management advised that the institutional placement was strongly supported by both existing shareholders and new institutional investors. The proceeds will be used to support the company's expansion into the UK market.

ResMed Inc. (ASX: RMD)

The ResMed share price is up 7% to $30.81. Investors have been buying this sleep disorder treatment company's shares following the release of its quarterly update. ResMed reported a 7% increase in third-quarter revenue to US$1.2 billion. This was driven by increased demand for sleep devices, as well as strong growth across its mask product portfolio. And thanks to a stronger-than-expected gross margin, ResMed's income from operations grew 25% to US$374.6 million and its diluted earnings per share rose 29% to US$2.04 per share.

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Nick Scali. 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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