The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Thursday. In afternoon trade, the benchmark index is down 0.85% to 8,768.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Deep Yellow Ltd (ASX: DYL)
The Deep Yellow share price is up 6% to $2.09. This follows the release of an exploration update from the uranium producer this morning. Deep Yellow advised that drilling at its flagship Tumas Project was successful. The company notes that drilling on the Tinkas prospect has confirmed the presence of uranium mineralisation in calcretised palaeochannel sediments, as well as in joints and fractures within schistose basement lithologies.
Develop Global Ltd (ASX: DVP)
The Develop Global share price is up 4.5% to $5.87. Investors have been buying the mining and mining services company's shares following the release of its quarterly update. Management revealed that production at its Woodlawn copper-zinc mine was successfully stress-tested at rates well in excess of nameplate. The company's managing director, Bill Beament, said: "It was pivotal quarter for Develop as we made huge progress across our three mining projects, setting up the Company for rapid growth. Woodlawn has met and exceeded our targets, culminating in the start of commercial production during the quarter. We are now set to increase cashflow generation as mining moves into higher-grades, coupled with historically low treatment charges."
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is up 1.5% to $1.47. This follows the release of the gold miner's quarterly update. The gold miner posted production of 59,603 ounces, which was in line with expectations. In addition, Resolute Mining's all-in sustaining costs (AISC) were $2,210 per ounce, which was also in line with guidance. This underpinned operating cash flow of $119.8 million, boosting its net cash balance to $315.4 million.
Santos Ltd (ASX: STO)
The Santos share price is up 3% to $7.68. The catalyst for this has been the release of the energy giant's first-quarter update. Santos recorded a 1% increase in production to 22.5 million barrels of oil equivalent. This supported a 3% increase in sales revenue to US$1.27 billion and free cash flow from operations of US$383 million. Santos' managing director and CEO, Kevin Gallagher, said: "Our base business continues to perform reliably, supporting free cash flow generation. The Pikka phase 1 oil project is now mechanically complete with commissioning activities progressing well and first sales oil expected in the coming weeks."
The post Why Deep Yellow, Develop Global, Resolute Mining, and Santos 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 no position in any of the stocks mentioned. 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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