Why Credit Corp, GUD, Race Oncology, and Spartan Resources shares are rising

The S&P/ASX 200 Index (ASX: XJO) is having a tough session on Tuesday. In afternoon trade, the benchmark index is down 0.4% to 7,719.1 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is up almost 4% to $15.44. Investors have been buying this debt collector’s shares on Tuesday after they were the subject of a bullish broker note out of Macquarie. According to the note, the broker has upgraded Credit Corp’s shares to an outperform rating with an $18.32 price target. Macquarie highlights that the company’s shares are trading at a deep discount to long term multiples. It feels this make now an opportune time for investors to initiate an investment.

GUD Holdings Limited (ASX: GUD)

The GUD Holdings share price is up 11.5% to $10.90. This has been driven by the release of a trading update from the auto parts company. Management revealed that it remains on course to achieve its guidance in FY 2024. This will mean underlying earnings before interest, taxes and amortisation (EBITA) of at least $193.5 million. That’s despite its AutoPacific Group (APG) segment performing a touch below expectations. Management revealed that this reflects the ongoing execution of its diversification strategy and the resilience of the aftermarket parts market.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price is up 8% to $1.67. This follows the release of results from recent preclinical work performed under contract at Oncolines in the Netherlands. The release notes that in these studies, its bisantrene product was screened in combination with decitabine for enhanced anticancer activity across a broad panel of 143 cancer cell lines. Race CEO, Dr Daniel Tillett, commented: “These results open exciting new treatment opportunities for both bisantrene and decitabine.”

Spartan Resources Ltd (ASX: SPR)

The Spartan Resources share price is up 3% to 65.3 cents. This morning, this gold developer revealed that it has completed the retail component of its fully underwritten pro rata accelerated non-renounceable entitlement offer. The retail entitlement offer raised a total of approximately $11 million at the offer price of 58 cents per new share. This brings the total raised to approximately $80 million. Proceeds will be used to underpin a significantly expanded exploration campaign at the Dalgaranga Gold Project.

The post Why Credit Corp, GUD, Race Oncology, and Spartan Resources shares are rising appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.