The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Friday. In afternoon trade, the benchmark index is down slightly to 8,538.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
BHP Group Ltd (ASX: BHP)
The BHP share price is up 1% to $38.35. This may have been driven by reports that claim the mining giant has found a profitable way to produce nickel. According to the AFR, BHP could re-enter the nickel industry with a US$1 billion (A$1.5 billion) mine in Tanzania. It notes that it has the potential to be a lower cost producer than the world-beating Indonesian nickel industry. BHP's Kabanga nickel project could reportedly produce nickel for US$7,000 a tonne, which is half the current nickel price. It is also well below the US$22,000 a tonne it cost BHP in Western Australia before curtailing operations.
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price has continued its positive run and is up a further 14% to 18.75 cents. Investors have been fighting to get hold of this coal miner's shares this week after it shored up its balance sheet through a $150 million asset-based lending facility with Oaktree Capital Management. Prior to the deal, Morgans had warned about the company's liquidity. It said: "The much weaker than expected met coal market has seen CRN slide into another liquidity squeeze, similar to the events of late 2020 and mid 2021 when it topped up via US$280m in new equity across two dilutive raises (@ 60c and 45c/CDI). We sense that additional and re-structured debt financing is the more probable source of bridging liquidity through the current downturn, but this brings excessive, and hard to quantify, risks to equity value."
EBR Systems Inc (ASX: EBR)
The EBR Systems share price is up 3.5% to $1.15. Investors have been buying this medical device company's shares after it released a positive announcement. EBR Systems revealed that its WiSE System has been successfully implanted in the first commercial patients in the United States. The WiSE technology is the world's only wireless, endocardial (inside the heart) pacing system in clinical use for stimulating the heart's left ventricle. CEO John McCutcheon said: "Seeing the WiSE System in clinical use, helping heart failure patients with leadless LVEP, is truly gratifying. I'm incredibly proud of our team and honoured to be working with these incredible physicians to improve patients' lives." Management estimates that it has a US$3.6 billion addressable market.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up over 3% to $5.77. This may have been driven by a broker note out of Morgan Stanley. This morning, the broker has retained its overweight rating and $6.20 price target on the coal miner's shares. It highlights that Whitehaven Coal is on course to deliver on its $100 million cost reduction plan.
