The S&P/ASX 200 Index (ASX: XJO) is having a relatively poor start to the week. In afternoon trade, the benchmark index is down 0.2% to 8,406 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Image source: Getty Images
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is up 6% to $2.20. This has been driven by the release of the fund manager's latest funds under management (FUM) update. Investors appear relieved to see that GQG Partners delivered modest FUM growth in November despite concerns over its large investments in the troubled Adani Group. GQG Partners revealed that its total FUM was US$159.5 billion at the end of the month, up from US$159.4 billion at the end of October.
Tuas Ltd (ASX: TUA)
The Tuas share price is up a further 6% to $6.10. Investors have been buying this Singapore-based telco's shares since the release of a first quarter update at its annual general meeting last week. Tuas revealed that revenue and EBITDA were $35.5 million and $16.1 million, respectively, for the three months. This is run-rating significantly higher than FY 2024's revenue and EBITDA. This went down well with analysts at Citi. In response, the broker has retained its buy rating with an improved price target of $7.10.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up 3% to $6.14. The catalyst for this was news that Export Finance Australia (EFA) has conditionally approved a 120 million euros (~A$196 million) commitment as part of its debt financing process for its Phase One Lionheart integrated lithium and renewable energy project. The project is targeting production of 24,000 tonnes per annum of Lithium Hydroxide Monohydrate (LHM). This is enough LHM for roughly 500,000 electric vehicles per annum. Vulcan will supply key auto and battery makers in the European supply chain, including its fourth largest shareholder, Stellantis.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is up 3% to $13.90. This follows the release of results of continued metallurgical testwork undertaken on niobium mineralisation from the Luni deposit at the 100% owned West Arunta Project in Western Australia. Managing Director, Paul Savich, commented: "This locked cycle testwork was based on samples from over 400m of strike extent across the key northeast zone of Luni. The results largely conform with the previously released single-hole beneficiation testwork and have produced further high-grade niobium concentrate with low impurities, at industry-comparable recovery rates."
