The S&P/ASX 200 Index (ASX: XJO) is having a underwhelming start to the week. In afternoon trade, the benchmark index is down 0.3% to 8,488.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
The Ansell share price is up over 6% to $37.23. Investors have been buying this safety products company's shares following the release of its half year results. Ansell reported a 12.5% increase in organic sales to US$1.02 billion. This comprises industrial sales growth of 8.1% and healthcare sales growth of 16.3%. And thanks to margin expansion, its earnings before interest and taxes (EBIT) was up 20.9% to US$127 million. This allowed the company's board to declare an unfranked 22 US cents per share interim dividend.
The GQG Partners share price is up 3% to $2.33. This has been driven by the investment company's latest funds under management (FUM) update. GQG Partners revealed that its FUM was US$160.4 billion at the end of January. This is up from US$153 billion at the end of December and driven by fund inflows and a strong investment performance. It seems that concerns that the Adani investments could weigh on sentiment and inflows were unwarranted.
The Mayne Pharma share price is up 19% to $5.56. This morning, this pharmaceutical company released a market update. It revealed that for the first half, it expects revenue to be $210 million to $215 million, which will be a 12% to 14% increase over the prior corresponding period. Things will be even better for its earnings, with underlying EBITDA expected to be up 275% to 300% to $30 million to $32 million. Management advised: "This underlying EBITDA result in 1HFY25 is driven by continued growth across the Women's Health portfolio with increased operating leverage."
The Star Entertainment share price is up almost 16% to 12.75 cents. The catalyst for this has been news that the struggling casino and resorts operator has received offers for its 50% interest in Destination Brisbane Joint Venture (DBC), along with other assets. This includes its new Queen's Wharf complex in Brisbane. While none of the offers have provided sufficient value so far, talks are continuing. Investors appear optimistic that funds raised from a sale of DBC could help to keep it afloat.
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