In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and in the red. At the time of writing, the benchmark index is down 0.45% to 8,292.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Insignia Financial Ltd (ASX: IFL)
The Insignia Financial share price is up 2% to $4.12. This financial services company's shares have raced higher this week after it received a confidential, non-binding, and indicative proposal from CC Capital Partners. It offered $4.30 cash per share, which represents a 21.4% premium to its last close price. It is also a 7.5% premium to an offer from Bain Capital that was rejected by the Insignia Financial last month. However, there is speculation that the latter could return with an improved offer in the near future.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is up almost 2% to $118.46. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has reaffirmed its buy rating on the mining giant's shares with an improved price target of $147.80 (from $135.10). This increased price target reflects "lowered AUD, iron ore, copper & aluminium prices slightly for 2025, lowered copper TC/RCs. Lifted long run gold price. Incorporated Rincon and Winu projects." Based on its current share price, this new price target implies potential upside of approximately 25% for investors over the next 12 months.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is up 6% to 26.5 cents. This follows another rise in the gold price overnight which is giving gold miners a boost today. So much so, the S&P/ASX All Ordinaries Gold index is defying the market weakness with a 0.35% gain at the time of writing. In addition, with St Barbara's shares being sold off recently, some bargain hunting could be happening today.
Structural Monitoring Systems plc (ASX: SMN)
The Structural Monitoring Systems share price is up over 2% to 48.5 cents. This morning, this avionic products developer announced a binding commitment to raise up to approximately $1.337 million through a single tranche placement from New York-based hedge fund Drake Private Investments. These funds will be raised a premium of 52 cents per share. Though, every four shares issued includes three attaching options that are exercisable at 78 cents per share. CEO Ross Love commented: "We welcome this significant additional investment from Drake and take it as reflecting their growing confidence in the Company's achievements over recent quarters and the positive outlook ahead."
