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 0.85% to 8,874.4 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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Ampol Ltd (ASX: ALD)
The Ampol share price is up almost 4% to $32.82. This morning, the fuel retailer released a trading update and revealed that first-quarter total refinery production rose 10% and its Lytton Refiner Margin (LRM) jumped to US$25.45 per barrel. It said: "The LRM for the first quarter of 2026 was US$25.45 per barrel. This included a substantial uplift in global refiner margins in the month of March following commencement of the Middle East conflict and its subsequent impact on shipping through the Strait of Hormuz."
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 12% to 19 cents. This follows news that the rare earths developer has received firm commitments to raise $40 million via a placement. These funds were raised at an offer price equal to its last close price of $0.17 per new share. Meteoric's managing director and CEO, Stuart Gale, said: "To launch this capital raising at no discount to the prior close and be significantly oversubscribed is a great endorsement from investors in the Caldeira Project and the broader rare earth market. Proceeds from the Placement support the current activities and allow us to broaden our engineering studies and design work, including assessment of separation opportunities."
Praemium Ltd (ASX: PPS)
The Praemium share price is up 2.5% to 75.2 cents. Investors have been buying this investment platform provider's shares following the release of its quarterly update. Praemium revealed an 18% increase in funds under administration (FUA) to $73.7 billion. The company's CEO, Anthony Wamsteker, commented: "The March quarter delivered strong net flows into Spectrum, reflecting adviser confidence in the platform and validating our strategic focus on the HNW segment. This demand highlights the breadth and strength of our offering and the opportunity to further grow our market share."
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 18% to $4.77. This morning, the wine giant announced its transition to a new regional operating model as it progresses its global transformation program, TWE Ascent. But perhaps the bigger news relates to current depletions trends. Management advised that Penfolds continues to deliver strong depletions growth in China, with depletions up 40% over the Chinese New Year period on a seasonally adjusted basis. In addition, overall US market depletions were up 9.1% versus the prior corresponding period and depletions returned to growth in California.
