The S&P/ASX 200 Index (ASX: XJO) is having another subdued session on Wednesday. In afternoon trade, the benchmark index is down 0.2% to 8,690.6 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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29Metals Ltd (ASX: 29M)
The 29Metals share price is up 8% to 23.7 cents. This follows the release of the copper miner's quarterly update. 29Metals revealed that copper production was 6.4kt with C1 costs of US$4.25 per pound. While this compares unfavourably to the previous quarter, it appears to have been better than feared. It also stated that: "Considering various factors, it is expected that existing liquidity will be sufficient to fully fund the revised plan for 2026 and maintain growth investments at Gossan Valley and exploration."
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is up 9% to 30.5 cents. This may have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has retained its buy rating on the gold miner's shares with an improved price target of 50 cents. In addition, the team at Macquarie has retained its outperform rating and 40 cents price target on Aurelia Metals shares.
Codan Ltd (ASX: CDA)
The Codan share price is up 16% to $42.23. The catalyst for this has been the release of a trading update from the technology company this morning. Codan revealed that the second half has been stronger than expected. As a result, it now expects FY 2026 EBIT to hit $235 million and net profit to reach $170 million. This will be an increase of over 60% from last year. The company said: "In DTC, strong demand from defence customers for unmanned systems, supported by ongoing geopolitical tensions, continues to drive growth in our software-defined radios (SDRs). As a result, the Communications business is expected to achieve revenue growth at the top end of the 15% to 20% range for the full year FY26."
oOh!Media Ltd (ASX: OML)
The oOh!Media share price is up 40% to $1.19. This follows news that the media company has received a takeover offer from Pacific Equity Partners (PEP). The company advised that it received an unsolicited, non-binding indicative offer from PEP to acquire 100% of oOh!Media at $1.40 per share via a scheme of arrangement. In response, it said: "The Board of oOh!, together with its advisers, is considering and evaluating the Proposal and will update shareholders in due course. There is no certainty that the Proposal will result in a binding offer or that any transaction will eventuate."
