In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 1.35% to 8,515.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is up 6% to $5.68. Investors have been buying the rare earths developer’s shares after it announced the spin-off of its aluminium business. Brazilian Rare Earths plans to demerge its Amargosa bauxite and gallium project into a new company through an initial public offering worth up to $50 million. It said: “The proposed demerger affords Amargosa the focus and flexibility it needs to be progressed rapidly, and reflects a disciplined portfolio strategy that separates two large-scale, strategically important mineral platforms with different development pathways.”
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is up 2.5% to $125.35. This morning, the health imaging technology company announced a seven-year, A$90 million contract with Boston-based Beth Israel Lahey Health. The contract will see the company’s cloud-based Visage 7 Enterprise Imaging Platform implemented throughout Beth Israel Lahey Health providing a unified diagnostic imaging platform. Pro Medicus’ CEO, Dr Sam Hupert, said: “Our pipeline remains strong and spans all market segments. This deal is for our ‘full stack’ comprising all three core Visage products, namely viewer, workflow and archive, a trend we see continuing.”
Service Stream Ltd (ASX: SSM)
The Service Stream share price is up 1.5% to $2.17. This has been driven by the release of an announcement from the essential network services provider. Service Stream has secured new agreements worth $455 million across two major customers. This includes a new nine-year contract with Yarra Valley Water under its Maintenance Services Delivery Partners program. The company’s managing director, Leigh Mackender, said: “Service Stream is delighted to be selected as a delivery partner for this long-term program. We look forward to working closely with Yarra Valley Water and supporting the maintenance of its critical infrastructure across Melbourne.”
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3% to $32.16. Investors have been buying the energy giant’s shares following a strong rise in oil prices on Friday night. Traders were bidding oil prices higher after Donald Trump suggested that he was losing patience with Iran in relation to peace talks. This has sparked fears of an escalation in the conflict.
The post Why Brazilian Rare Earths, Pro Medicus, Service Stream, and Woodside shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- Which ASX rare earths company is spinning out a new aluminium company?
- Investors are buying this ASX stock after a $455 million update
- Pro Medicus shares jump as massive US contract win turns heads
- How much could the Pro Medicus share price rise in the next year?
- Pro Medicus inks $90m contract
Motley Fool contributor James Mickleboro has positions in Pro Medicus and Woodside Energy Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.