In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 8,817.3 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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ASX Ltd (ASX: ASX)
The ASX share price is up over 3.5% to $59.63. This is likely to have been driven by the release of a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. According to the note, the broker has upgraded the stock exchange operator's shares to an outperform rating with a $64.00 price target. It made the move following equities and futures momentum, as well as an attractive earnings multiple. The broker said: "Upgrade to Outperform (from Neutral). With momentum around equities and futures volumes, at current multiples we see valuations as attractive."
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is up 4.5% to $13.74. This is despite there being no news out of the rare earths producer on Friday. However, prior to today's session, the company's shares were down by almost a third in the space of just one month. Some investors may believe that this has created a buying opportunity and have been snapping them up today.
News Corp (ASX: NWS)
The News Corp share price is up 4.5% to $46.98. Investors have been buying this media giant's shares following the release of another solid quarterly update. News Corp reported a 2% increase in revenue to US$2.14 billion and a 5% lift in total segment EBITDA to US$340 million. Commenting on the quarter, News Corp's chief executive, Robert Thomson, said: "Following a sterling performance in fiscal 2025 – one that marked a record year for profitability on a continuing operations basis – News Corp continued to increase both revenue and profitability in the first quarter of fiscal 2026, led by strength at Dow Jones and Digital Real Estate Services, and bolstered by digital and AI-related revenues."
Solvar Ltd (ASX: SVR)
The Solvar share price is up 2% to $1.57. This morning, this specialist finance company announced enhancements to debt facilities of its Money3 business unit. It notes that the new arrangements provide greater diversification of funding sources and deliver a material reduction in its cost of funds. The company's CEO, Scott Baldwin, said: "The establishment of a new warehouse facility and the restructuring of the existing warehouse, together providing over $350.0 million of headroom, represents a major step forward in broadening and diversifying Money3's funders."
