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:
Insignia Financial Ltd (ASX: IFL)
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."
Meteoric Resources NL (ASX: MEI)
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."
Qantas Airways Ltd (ASX: QAN)
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."
West African Resources Ltd (ASX: WAF)
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."
The post Why Insignia, Meteoric Resources, Qantas, and West African shares are pushing higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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