The S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street's lead and climb today. At the time of writing, the benchmark index is down 0.55% to 8,095.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
The DroneShield share price is up 6% to 84.5 cents. This is despite there being no news out of the counter drone technology company today. However, with its shares down 35% over the past six months, some investors may believe that this has created a buying opportunity. Bell Potter would no doubt be encouraging investors to buy this dip. Its analysts recently put a buy rating and $1.10 price target on its shares. This implies potential upside of 30% for investors.
The Magellan share price is up 1% to $8.18. This follows the release of the fund manager's latest funds under management (FUM) update. Although Magellan revealed a $500 million decline in FUM for the month of February, this may have been better than expected. Especially given how the ASX 200 index fell 4.2% during the month. Its fund outflows comprised net retail outflows of $200 million and net institutional outflows of $300 million.
The Pointsbet share price is up 2.5% to $1.11. This morning, Bluebet Holdings Ltd (ASX: BBT) released an announcement relating to its rejected takeover proposal for Pointsbet. It said: "The Offer is clearly superior to that offered by MIXI (MIXI Proposal), with an illustrative value to PointsBet shareholders of $1.28 per share compared to $1.06 under the MIXI Proposal. The Offer delivers upside exposure to the synergy and growth potential of the combined business – something not available in the all-cash MIXI Proposal."
The West African Resources share price is up 10% to $2.08. This has been driven by the announcement of the gold miner's full year results. West African reported revenue of $730 million and a profit after tax of $246 million. CEO Richard Hyde commented: "WAF's Sanbrado production centre delivered another strong result in 2024 producing 206,622 ounces of gold at US$1,240 per ounce AISC, generating A$252 million cashflow from operations and A$246 million NPAT. Kiaka's construction remains on schedule and on-budget for first gold in Q3 2025."
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