The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Monday. In afternoon trade, the benchmark index is down 0.9% to 7,902.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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29Metals Ltd (ASX: 29M)
The 29Metals share price is up over 3% to 38.2 cents. Investors have been buying the copper miner's shares following the release of drilling results from a three-hole drill program at Capricorn Copper. According to the release, the drilling results have confirmed continuity and orientation of a new mineralised zone east of the Mammoth orebody. CEO, James Palmer, said: "These results highlight the potential value to be unlocked at Capricorn Copper and the prospectivity of 29Metals' ~1,900km2 Mount Isa inlier position."
Immutep Ltd (ASX: IMM)
The Immutep share price is up over 3% to 30.5 cents. This has been driven by the release of an announcement by the clinical-stage biotechnology company this morning. Immutep revealed that positive feedback has been received from the US Food and Drug Administration. This is regarding the planned TACTI-004 Phase III trial of eftilagimod alfa (efti) in combination with Keytruda, Merck & Co's anti-PD-1 therapy, and histology-based platinum doublet chemotherapy for the treatment of first-line metastatic non-small cell lung cancer, regardless of PD-L1 expression. Management notes that "this represents a key milestone in our late-stage development process for efti."
Insignia Financial Ltd (ASX: IFL)
The Insignia Financial share price is up almost 3.5% to $2.46. The catalyst for this has been the release of a quarterly update from the financial services company. That update revealed that Insignia has returned to positive net inflows during the fourth quarter. According to the release, total net inflows for the quarter were $189 million, supported by improved platform flows following the successful migration of MLC Wrap to Expand, and continued momentum in Workplace.
Perenti Ltd (ASX: PRN)
The Perenti share price is up 7% to $1.03. This mining services company's shares are rallying today following the release of an update on its free cash flow expectations for FY 2024. Perenti revealed that, based on its preliminary unaudited results, it expects its free cash flow to be ~$180 million. This is materially higher than its guidance of more than $100 million. Management advised that this reflects stronger debtor collections and lower than expected capital expenditure for FY 2024. Perenti's CEO, Mark Norwell, commented: "This result is further evidence that our business can return meaningful value to our shareholders."
