The S&P/ASX 200 Index (ASX: XJO) is having a tough session on Tuesday. In afternoon trade, the benchmark index is down 1.4% to 9,073.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 1.5% to $1.85. This may have been driven by a broker note out of Bell Potter this week. According to the note, the broker has upgraded the uranium producer’s shares to a buy rating with a $1.95 price target. It said: “We make no adjustments to our TP in this note, but take the opportunity to upgrade BOE to Buy (previously Hold), following deterioration in the price. We continue to see the market positioning for a negative outcome in the upcoming wide-spaced wellfield program, creating an asymmetric risk opportunity in our opinion.”
Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is up 24% to 65.7 cents. This morning, Lindian announced plans to acquire 100% of an existing mixed rare earths carbonate (MREC) processing facility previously operated by a joint venture between Japan’s Sumitomo Corporation and Kazatomprom. Executive Chairman, Robert Martin, commented: “The acquisition of the SARECO Mixed Rare Earth Carbonate facility is a defining step for Lindian. It fast-tracks our transition from a concentrate producer to an integrated rare earths company with downstream capability, materially enhancing margins, commercial flexibility and long-term strategic value.”
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 20% to $10.11. Investors have responded positively to the fund manager’s plan to merge with Barrenjoey. Magellan’s chair, Andrew Formica, said: “The merger with Barrenjoey marks a transformative step in MFG’s evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth.” This morning, Magellan announced that it has completed a $130 million institutional capital raise to help fund the merger.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is up 5% to $4.98. This morning, this coal miner announced the extension of its existing on-market share buyback for another 12 months. However, it notes that this is subject to the prevailing share price and market conditions and will be executed at the company’s discretion having regard to a number of factors. This includes market conditions, its share price, its future capital requirements, and consideration of any unforeseen developments or circumstances that may arise.
The post Why Boss Energy, Lindian, Magellan, and New Hope shares are rising today appeared first on The Motley Fool Australia.
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More reading
- ASX 200 coal shares surge as commodity price lifts to 14-month high
- New Hope extends share buy-back program to March 2027
- Magellan share price soars 31% on completed capital raise for Barrenjoey merger
- 5 things to watch on the ASX 200 on Tuesday
- Here are the top 10 ASX 200 shares today
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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.