In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a small decline. At the time of writing, the benchmark index is down slightly to 8,944.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
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Navigator Global Investments Ltd (ASX: NGI)
The Navigator Global share price is up 7% to $2.45. This follows the release of a quarterly assets under management (AUM) update from the investment company this morning. Navigator Global revealed that AUM was US$31.6 billion at the end of March. This is up 9% over the quarter and 16% from last year. It advised that growth was driven by a mix of inflows and investment performance across its platform.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is up 6% to 72.5 cents. This has been driven by the release of a production update from the gold miner this morning. St Barbara revealed that it expects to increase its gold production to 200,000 ounces per year by 2030. This represents a compound annual growth rate of 59%. The company's managing director, Andrew Strelein, said: "St Barbara's recent breakthroughs with the Mining Lease Extension and now FID on the New Simberi Gold Project, the permitting of the Touquoy Restart and the impressive results of the 15-Mile Processing Hub Project Pre-Feasibility Study set up the Company for an attractive gold production CAGR of 59% lifting attributable production to over 190koz in FY30 and more than 200koz in FY31."
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up 2% to $3.59. This morning, the lithium developer revealed that it has entered into a 40 million euros major project framework agreement with Siemens for the supply of engineering, automation, telecommunications, and building technology systems. Vulcan Energy's managing director and CEO, Cris Moreno, commented: "The signing of this framework agreement with Siemens AG builds on our established partnership with the broader Siemens group which shares Vulcan's commitment to innovation and sustainability. We are pleased to be working alongside Siemens who have a vast local presence and history working in the broader region, and bring decades of experience in delivering engineering, automation, telecommunications, and digital technology systems to similar types of industrial projects."
Zip Co Ltd (ASX: ZIP)
The Zip share price is up a further 11% to $2.58. This buy now pay later provider's shares have been racing higher since the release of its third-quarter update at the end of last week. Zip reported record cash EBTDA of $65.1 million for the third quarter, which represents a 41.5% increase on the prior corresponding period. In light of its stronger than expected performance, management now expects group cash EBTDA of at least $260 million for the full year. This is up from its previous guidance of approximately $248.6 million.
