The S&P/ASX 200 Index (ASX: XJO) has started the month in a disappointing fashion. In afternoon trade, the benchmark index is down 1.1% to 7,580.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising.
Amcor (ASX: AMC)
The Amcor share price is up 4% to $14.39. This follows the release of the packaging giant's third-quarter update this morning. Year to date, for the nine months ended 31 March, Amcor reported net sales of US$10,105 million and net income of US$710 million. This is down 8% and 12%, respectively, over the prior corresponding period, due largely to a 7% decline in volumes year on year. While not great on paper, it is a meaningful improvement based on its performance during the first half of FY 2024.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 3.5% to $5.11. Investors have been buying Boss Energy and other uranium stocks on Wednesday. This has been driven by reports that the Biden administration is considering a ban on imports of enriched Russian uranium. Russia currently provides almost a quarter of the enriched uranium used to fuel the United States' 90 commercial reactors. The market appears to believe the ban would give uranium prices a big boost. Particularly given how demand is already forecast to outstrip supply in the coming years.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up over 1% to 83.5 cents. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded the counter drone technology company's shares to a buy rating with a $1.00 price target. It said: "DroneShield is now well placed to capitalise on the growing demand for C-UAS solutions in response to current global tensions and the evolution of modern warfare."
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is up 0.5% to $32.05. Investors have been buying the supermarket giant's shares after it announced the sell down of its stake in drinks giant Endeavour Group Ltd (ASX: EDV). Woolworths has agreed to sell 5% of the issued capital of Endeavour Group via a block trade at a price of $5.22 per share. This generated proceeds of $468 million for Woolworths. Management advised that it intends to use the proceeds to return capital to shareholders and will provide an update with its full-year results in August.
