The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. In afternoon trade, the benchmark index is down 0.2% to 7,715.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is up 56% to 23 cents. Investors have been buying this rare earths developer's shares after it announced that the Commonwealth Government has conditionally approved a US$533 million debt finance package to support the Nolans Project in the Northern Territory.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is up 7.5% to 14.5 cents. This is despite there being no news out of the infant formula company. Though, it is worth highlighting that Bubs has reported two instances of insider buying this month from its CEO. In total, Bubs CEO Reg Weine has bought a total of 250,000 shares through on-market trades for an average of 12 cents per share.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is up 10% to $14.59. This morning, this biopharmaceuticals company announced an on-market share buyback. Clinuvel will aim to buy back up to 1.5 million shares over the next 12 months, which equates to approximately 3% of its outstanding share capital. This reflects its view that the recent decline of market valuation is no longer commensurate with the performance and expected outlook for the company.
Superloop Ltd (ASX: SLC)
The Superloop share price is up 23% to $1.29. This follows news that the telco has won a major wholesale contract with Origin Energy Ltd (ASX: ORG). It is an exclusive six-year contract that will see the migration of Origin's broadband customer accounts, currently 130,000, onto Superloop's network. The transition of Origin's current subscriber base is expected to occur during FY 2025.
