The S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street's stunning lead and has dropped into the red. In afternoon trade, the benchmark index is down 0.2% to 8,182.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Image source: Getty Images
Block Inc (ASX: SQ2)
The Block Inc share price is up 3% to $118.46. Investors have been buying the payments company's shares following a strong night of trade for their US listed equivalents on Wall Street on Wednesday. Block Inc was one of a number of stocks that charged higher amid optimism that Donald Trump's election victory will be good for the US economy. Its shares are now up 54% over the past 12 months.
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is up 5% to $2.74. This follows the release of the fund manager's latest funds under management (FUM) update. GQG revealed fund inflows of US$3 billion for the month ended 31 October. This means that year to date fund inflows have now reached US$20.3 billion. This brings its total FUM to US$159.4 billion.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 6% to $14.09. This has been driven by the release of the pharmaceuticals company's third quarter update. Neuren reported that Daybue net sales for nine months exceeded the full-year threshold of US$250 million for Neuren's first sales milestone income of US$50 million. In addition, third quarter royalty income came in at A$13.2 million, which brings the total to A$37.5 million year to date. Neuren expects full year 2024 income to be A$216 million to A$218 million.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is up 21% to $2.35. Investors have been scrambling to buy this pharmacy chain operator and wholesale distributor after the ACCC approved its merger with Chemist Warehouse. ACCC Chair Gina Cass-Gottlieb said: "The ACCC found that, with the undertaking, the proposed merger is unlikely to substantially lessen competition. There is and will continue to be effective competition at all levels of the pharmacy supply chain, capable of constraining a combined Sigma Chemist Warehouse. The ACCC's analysis found that the proposed merger is unlikely to substantially lessen competition nationally or locally because other pharmacies and non-pharmacy retailers will continue to compete to the same extent they compete now." Shareholder approval is still needed, but that is unlikely to be a problem.
