The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.7% to 8,178.2 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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4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is up 5% to 31 cents. Investors have been buying this medical technology company's shares following the release of an update. According to the release, the company has signed a commercial contract with Intermountain Health for the implementation of its recently FDA-cleared Pulmonary Hypertension Analysis product. The company's CEO, Andreas Fouras, said: "As the contract transitions to full commercial terms this revenue stream will become meaningful for us. Furthermore, under those terms we can grow revenue through increased usage of PHA and expansion to other products in the portfolio, further growing the opportunity within this large health system."
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is up almost 10% to $3.26. This follows news that the gold miner has accepted a takeover offer from Gold Fields Ltd (NYSE: GFI). The deal will see Gold Road shareholders receive the equivalent of $3.40 per share (less any special dividend paid prior to implementation of the scheme). This includes a variable cash consideration equal to the full value of their proportionate holding in Northern Star Resources Ltd (ASX: NST).
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is up 12% to 27.5 cents. This has been driven by news that the graphite miner's Balama operation is almost back up and running after civil unrest. It said: "Over the weekend, Mozambique Government authorities cleared the remaining illegal protestors and restored site access for Balama operations. The Company is mobilising camp support, inspection, and maintenance teams. An update on start of operations at Balama and product shipments will be provided in due course."
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price is up 4% to 80.7 cents. Investors have been buying the payments company's shares after it announced that it was withdrawing its takeover proposal for Smartpay Holdings Ltd (ASX: SMP). It said: "Tyro was informed of Smartpay's decision to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share on Friday 2 May. This was prior to conclusion of the agreed due diligence process and receipt of an update to Tyro's cash and scrip synergistic merger proposal."
