In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.5% to 8,507.3 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
James Hardie Industries PLC (ASX: JHX)
The James Hardie share price is up 7% to $27.22. This follows the release of a strong second quarter update from the building materials company today. James Hardie posted a 34% increase in net sales to US$1,292.2 million and 25% lift in adjusted EBITDA to US$329.5 million. This was driven largely by the inclusion of the recently acquired AZEK business. Looking ahead, management has lifted its earnings guidance for FY 2026. It is now targeting adjusted EBITDA of US$1.2 billion to US$1.25 billion. This is up from its previous guidance of US$1.05 billion to US$1.15 billion.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 4% to 18.25 cents. This morning, this rare earths developer revealed that it has completed the wet commissioning of its pilot plant at the 100%-owned Caldeira Rare Earth Ionic Clay Project in Brazil. The company's managing director, Stuart Gale, said: "The development of the Pilot Plant marks an important step in the development and derisking of the Caldeira Project. […] The Pilot Plant is important for Meteoric as it provides validation of the process flowsheet at scale, produces MREC for distribution to offtake partners and allows us to further assess downstream processing options to separate rare earths on site."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 3% to $4.09. This follows a strong night of trade for US lithium peers on Wall Street on Monday. The catalyst for this has been another rise in lithium prices in China overnight. The Spodumene Concentrate Index (CIF China) price was up 1.8% to US$1,024 per tonne. This means that it is now up more than 20% over the past month. The battery making ingredient has been boosted by news that China will be providing new support to its electric vehicle industry.
SKS Technologies Group Ltd (ASX: SKS)
The SKS Technologies share price is up almost 4% to $3.37. This has been driven by news that the electrical technologies and digital infrastructure company has agreed to acquire Delta Elcom for up to $15 million. It is a specialist in data centre infrastructure and electrical solutions based in Sydney. CEO, Matthew Jinks, said, "We believe that we've found a business in Delta Elcom that is an advantageous strategic and cultural fit with SKS Technologies."
