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 1.25% to 8,634.7 points.
Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up 7% to $10.07. This follows news that the quick service restaurant operator is accelerating its expansion in Germany. Collins Foods has agreed to acquire eight KFC restaurants in Bavaria, centred around Munich, increasing its presence and scale in the country. The company also released a trading update which revealed that Australian same store sales are up 3.2% so far in the second half and 2.7% year to date. The company’s CEO, Xavier Simonet, said: “There is a significant growth opportunity for Collins Foods in the German market, and we are pleased to be executing on our expansion in a disciplined manner.”
St George Mining Ltd (ASX: SGQ)
The St George Mining share price is up 7% to 15 cents. Investors have been buying this rare earths developer’s shares after it announced downstream plans that will aim to separate cerium and lanthanum. St George Mining’s executive chair, John Prineas, commented: “The magnet and heavy rare earths hosted in our world-class Araxa rare earths resource are very significant and the main driver for development of a rare earths mining operation. The opportunity to also monetise the cerium component of the Araxa rare earths deposit can add material value to a potential mining operation at Araxa.”
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 5% to $9.12. This has been driven by news that three major credit agencies have given the coal miner BB+ ratings with stable outlooks. Whitehaven’s managing director and CEO, Paul Flynn, said: “These credit ratings recognise Whitehaven’s strengthened credit profile, prudent capital management and the successful integration â and initial improvements â at the Daunia and Blackwater metallurgical coal operations, which have enhanced the Company’s diversification, scale and returns through the cycle.”
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is up almost 2% to $30.97. The catalyst for this has been a jump in oil prices overnight. It isn’t just Woodside that is rising today. Other energy shares are rising as well, which has lifted the S&P/ASX 200 Energy index by 1.7% this afternoon.
The post Why Collins Foods, St George Mining, Whitehaven Coal, and Woodside shares are pushing higher today appeared first on The Motley Fool Australia.
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More reading
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- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has positions in Collins Foods and Woodside Energy Group Ltd. 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 recommended Collins Foods. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.