The S&P/ASX 200 Index (ASX: XJO) is having another underwhelming session. In afternoon trade, the benchmark index is down 0.5% to 7,714.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is up 4% to 18.7 cents. This may be a delayed reaction to an announcement from the rare earths developer on Monday. Arafura revealed that it has conditionally secured up to US$150 million of debt financing for the Nolans Project from The Export-Import Bank of Korea (KEXIM). Management notes that the KEXIM loan guarantee supports the credit approval process for commercial lenders and brings Arafura closer to its targeted US$775 million senior debt funding required for the Nolans Project.
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is up 8% to 32.5 cents. This follows the release of an update on its estimates for the Davyhurst Gold Project (DGP) mineral resources and ore reserves. Management advised that the Sand King underground resource has increased 176% to 3.4M tonnes at 2.8g/t for 306k ounces. Whereas the Riverina underground resource has increased 54% to 4.0M tonnes at 3.7g/t for 468k ounce. As for ore reserves, total underground ore reserves have increased 94% to 1.2M tonnes at 3.7g/t for 142k ounces.
Superloop Ltd (ASX: SLC)
The Superloop share price is up 3% to $1.60. Investors have been buying this telco's shares today following the release of a trading update. Superloop revealed that it has continued to perform strongly in the high value segment of the residential broadband market. So much so, high-speed plans (100Mbps or greater) now exceed 50% of its base. Management believes this trend will continue, driven by consumer demand for higher internet speeds, reliability, and value. As a result, it now expects its FY 2024 underlying EBITDA to be at or above the top end of the $51 million to $53 million guidance range.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 4% to $8.45. Investors have been buying coal mining shares this week in response to news of a fire burning underground in a major coal mine owned by Anglo American in Queensland. Given that the Grosvenor mine was expected to produce 2.3 million tonnes of metallurgical coal this year, investors appear to believe there could be a meaningful impact to global supply. The fire continues to burn on Tuesday according to reports.
