In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 8,818.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up over 1% to $6.78. Investors have been buying this infant formula company's shares after it received approval from the State Administration for Market Regulation (SAMR) to transition the two China label infant milk formula (IMF) product registrations that were acquired in connection with the a2 Pokeno facility to a2 branded products. A2 Milk's CEO, David Bortolussi, said: "SAMR approval marks a significant milestone in our China growth strategy and Supply Chain transformation. It supports long-term growth in our core IMF business through market access and innovation, accelerates the development of advanced nutritional manufacturing capability, and captures attractive financial returns through incremental brand contribution and vertical margin capture."
Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is up almost 10% to 90.5 cents. This morning, this rare earths developer provided an update on construction progress at its Kangankunde Rare Earths Project in Malawi. Lindian Resources' executive director, Zac Komur, commented: "Kangankunde is delivering outstanding progress, with construction, mining readiness, procurement, infrastructure and operational preparation all advancing strongly."
Perenti Ltd (ASX: PRN)
The Perenti share price is up 5% to $2.40. This follows news that its Barminco business has been awarded the contract to provide underground mining services at Barrick Mining's Fourmile Project in the United States. Management revealed that the contract has an estimated value of $275 million and a 45-month term. Work is due to commence in July. CEO Vanessa Torres said: "Securing the underground mining contract at Fourmile is an exciting development for our North America team. We look forward to expanding our relationship with Barrick through this project. This supports our strategy to expand operations in tier-one mining jurisdictions and continues our disciplined growth into the North American market with both Barminco and Swick."
SGH Ltd (ASX: SGH)
The SGH share price is up 2.5% to $44.42. This morning, this diversified investment company announced plans to undertake a $500 million on-market share buy-back over the next 12 months. Management advised that it made the decision after a sustained period of strong operating cash flow and de-leveraging. It notes that its leverage has reduced below its through-the-cycle target of 2.0x.
The post Why A2 Milk, Lindian Resources, Perenti, and SGH 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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