The S&P/ASX 200 Index (ASX: XJO) is having a tough session on Tuesday. At the time of writing, the benchmark index is down 1.35% to 8,230.5 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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Hotel Property Investments Ltd (ASX: HPI)
The Hotel Property Investments share price is up almost 3% to $3.60. This is despite the hotel property company once again reiterating that it thinks investors should reject a $3.785 per share takeover offer from Charter Hall Retail REIT (ASX: CQR) and Hostplus. It said: "This document contains the HPI Board's formal response to the Revised Offer, including our unanimous recommendation that you reject the Revised Offer and take no action in relation to any correspondence from Charter Hall Retail REIT and Hostplus."
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 5% to 10.5 cents. This morning, this rare earths explorer released an update on its Caldeira Rare Earth Ionic Clay Project. According to the release, the financial metrics of the project have improved with the inclusion of the high-grade Figueira resources into the scoping study's 20-year mine plan. In addition, it notes that rare earth element (REE) spot prices have been adjusted to include the current pricing (NdPr US$60/kg). This has resulted in a 14% increase in its pre-tax net present value to US$1,403 million and a 6% lift in pre-tax IRR to 40.4%. Management estimates that this means it now has a pre-tax payback of 2.2 years.
NRW Holdings Limited (ASX: NWH)
The NRW Holdings share price is up 1% to $3.78. Investors have been buying this mining services company's shares after it announced a major contract win. According to the release, its wholly owned subsidiary, Golding Contractors, has signed a mining services agreement (MSA) with Stanmore SMC at the South Walker Creek Mine (SWC) in Central Queensland. The MSA has a total value of approximately $1.6 billion over a five-year term. It commences in January 2026.
Praemium Ltd (ASX: PPS)
The Praemium share price is up 7% to 63.5 cents. This investment platform provider's shares are lifting off today after it released a quarterly update. Praemium revealed that its total Australian funds under administration (FUA) increased 33% to a record of $59.4 billion. Its Platform FUA also rose strongly and were up 30% to $29 billion during the three months. Praemium's CEO, Anthony Wamsteker, commented: "We are well placed for further growth with the launch of Spectrum, our next generation IDPS. Every service, and virtually every growth metric has improved from the previous quarter."
