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 1.8% to 8,378.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
The Catalyst Metals share price is up 1% to $3.57. Investors have been buying the gold miner's shares today after it released an exploration update. Management advised that it has 10 rigs on site at the Plutonic Belt, drilling 320,000 metres at a cost of $40 million over the next 12 months. This could be worth it. It notes that the belt has a very large mineral endowment and a history of high quality deposits. Investors appear optimistic that the company could be sitting on top of something very lucrative.
The Hansen Technologies share price is up over 1% to $5.55. This has been driven by the release of a trading update from the billing technology company this morning. Management has reaffirmed its guidance for revenue of $398 million to $405 million and underlying EBITDA of $92 million to $101 million. In addition, it revealed that it has signed a master agreement with VMO2 to licence Hansen's cloud-native Suite for Communications, Technology & Media. The agreement has an initial term of five years with associated revenue of approximately $50 million.
The Lynas Rare Earths share price is up 3% to $6.52. This is despite there being no news out of the rare earths producer on Monday. Though, it is worth noting that Gina Rinehart's Hancock Prospecting has been increasing its stake in the company in recent sessions. On Friday. a change of interests of substantial holder notice showed that Hancock Prospecting has lifted its shareholding from 7.14% to 8.21%. The last purchase was made on 28 January when Hancock bought 764,700 shares at $6.45 per share.
The Selfwealth share price is up 5.5% to 28 cents. This morning, the company revealed that it has received a non-binding indicative proposal from Svava to acquire it for $0.28 cash per share by way of a scheme of arrangement. Svava has also notified Selfwealth that it has acquired beneficial ownership of approximately 43.4 million Selfwealth shares, representing approximately 18.8% of shares on issue. Svava, through its Syfe brand, operates wealth management platforms in Singapore, Australia, and Hong Kong. This offer is ahead of one that is already on the table.
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