The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. At the time of writing, the benchmark index is down slightly to 8,215.7 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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Block Inc (ASX: SQ2)
The Block share price is up 3.5% to $105.02. This follows a positive session for the payments company's shares on the NYSE overnight despite Wall Street slipping into the red. And while there has been no real news out of the company this month, it did launch a new Square platform earlier this week. Saumil Mehta, Head of Product for Square, said: "With the Orders platform, Square will be able to provide more checkout flexibility to sellers – whether their customers are seeking to order ahead, open a bar tab or set up a subscription, sellers using Square will be able to offer more options to capture sales across their businesses."
Cettire Ltd (ASX: CTT)
The Cettire share price is up 12% to $2.32. This is despite there being no news out of the online luxury products retailer today. Short sellers won't be pleased with this gain. At the last count, the company was among the most shorted shares on the Australian share market with 9% of its shares held short. They may be buying back shares today to close positions, causing a bit of a short squeeze.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 7.5% to $1.49. This biotechnology company's shares are rebounding today after a tough week. Prior to today, Mesoblast's shares were down 9% week to date. This appeared to have been driven by profit taking after some stellar gains in 2024. For example, since the start of the year, Mesoblast's shares have risen almost 380%. Optimism that it may finally get FDA approval for one of its stem cell therapies in the near future has been behind this rise.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is up 5% to $2.18. A number of gold miners are rising on Friday after the gold price pushed higher overnight. This has led to the S&P/ASX All Ordinaries Gold index climbing almost 2% at the time of writing. In addition, Regis Resources was the subject of a bullish broker note out of Bell Potter. It has retained its buy rating on the company's shares with an improved price target of $2.48 (from $2.02). It said: "RRL is a multi-mine gold producer with an all-Australian asset portfolio. We forecast free cash flow growth in FY25 and for RRL to benefit from a rising gold price. We retain our Buy recommendation."
