In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. At the time of writing, the benchmark index is down 1.5% to 7,976.1 points.
Four ASX shares that are not letting that stop them from climbing today are listed below. Here's why they are rising:
The Insignia Financial share price is up 11% to $4.74. Investors have been fighting to get hold of the financial services company's shares after it received two new non-binding takeover proposals. Both Bain Capital and CC Capital Partners have lifted their proposals to $5.00 per share. This is a level which the Insignia Financial has labelled as "attractive" to shareholders. As a result, it has granted due diligence access to both bidders in the hope that binding offers will be tabled within the next six weeks. It said: "After careful consideration, the Board has determined the terms of each Proposal to be attractive for Insignia Financial shareholders."
The Meteoric Resources share price is up 6.5% to 6.6 cents. This morning, Bell Potter put a speculative buy rating and 40 cents price target on the rare earth developer's shares. This is materially higher than where it trades today. The broker said: "The Caldeira project is a uniquely high-grade ionic clay rare earth deposit, which offers lower capital intensity compared to hard-rock peers in the space, with a potentially faster path to market."
The Qantas Airways share price is up 1% to $10.10. This may have been driven by a broker note out of Goldman Sachs. It has retained its buy rating on the airline operator's shares with an improved price target of $11.80. Commenting on its buy recommendation, the broker said: "QAN's earnings capacity has sustainably improved relative to pre-COVID, which provides a solid foundation for QAN's next stage of growth."
The West African Resources share price is up a further 1% to $2.14. Investors have been buying this gold miner's shares since the release of its full year results this week. West African Resources recorded revenue of $730 million and a profit after tax of $246 million for the year. Commenting on its results, CEO Richard Hyde said: "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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