The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.35% to 7,740.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Image source: Getty Images
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global Resources share price is up over 10% to $1.31. Investors have been buying this coal miner's shares in response to news of a fire burning underground in a major coal mine owned by Anglo American in Queensland. The Grosvenor mine is expected to produce 2.3 million tonnes of metallurgical coal this year. And while it is unclear at this stage how long the mine will be out of action, investors appear to believe there could be a meaningful impact to global supply.
EML Payments Ltd (ASX: EML)
The EML Payments share price is up 1.5% to 94.3 cents. This morning, this struggling payments company announced the appointment of its new managing director and CEO. Ron Hynes will join EML Payments on 30 June. He is a United States based global payments executive with more than 25 years of experience in the prepaid cards sector. His experience includes leadership roles in multi-national organisations across a range of key functional areas directly relevant to delivering high-performance in a payments business.
Immutep Ltd (ASX: IMM)
The Immutep share price is up 9% to 32.25 cents. This may have been driven by a broker note out of Bell Potter. In response to recent trial results, the broker has reaffirmed its speculative buy rating with a trimmed price target of 75 cents. This suggests that its shares could more than double in value from current levels. It said: "The topline ORR data in two of three sub-cohorts is favourable and supportive of confirmatory trials. Data in the low PD-L1 low subgroup showed minimal difference vs the control, although this may be due to relatively small patient numbers."
Lendlease Group (ASX: LLC)
The Lendlease share price is up 3% to $5.56. Investors have been buying this property developer's shares after it announced the sale of its US Military Housing business. Lendlease is selling the business to Omaha Beach Investment, an entity managed by Guggenheim Partners Investment Management, for A$480 million (US$320 million). Management notes that the sale represents a significant premium to book value. CEO Tony Lombardo said: "With $1.9 billion of transactions already announced, including the sale of US Military Housing, we have made significant progress towards our target of recycling $2.8 billion of capital in the next 12 months."
