Why Audinate, Nuix, Santana Minerals, and Westpac shares are rising today

In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory. At the time of writing, the benchmark index is down slightly to 7,970 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Audinate Group Ltd (ASX: AD8)

The Audinate share price is up 12% to $10.57. This morning, this media network solutions provider announced a 28.4% increase in revenue to US$60 million and a 33.2% lift in gross profit to US$44.5 million. Whilst the result was largely pre-released, management's commentary on its medium term outlook appears to have reassured investors. As a reminder, Audinate's shares were sold off last month in response to the release of a trading update which revealed that FY 2025 will be a tough year. This morning, CEO Aidan Williams commented: "Whilst we expect FY25 to be a transitional year, the long-term strategic thesis for Audinate remains unchanged. With the challenges of the last few years behind us, we will redouble our efforts to drive audio & video unit growth, a key building block in our long-term strategy."

Nuix Ltd (ASX: NXL)

The Nuix share price is up 23% to $4.30. This follows the release of the investigative analytics and intelligence software provider's full year results. Nuix reported a 14% increase in annualised contract value (ACV) to $211.5 million and a 20.9% lift in statutory revenue to $220.6 million. Growing even quicker was its underlying earnings before interest, tax, depreciation and amortisation (EBITDA), which jumped 38.7% to $64.4 million. Management is targeting ACV growth of 15% in FY 2025.

Santana Minerals Ltd (ASX: SMI)

The Santana Minerals share price is up 10% to $1.46. This has been driven by the release of a drilling up from the precious metal explorer. Santana Minerals revealed that the latest drill intercept from infill drilling of the high grade-core at the Rise and Shine (RAS) resource has returned one of the best results to date. Santana CEO, Damian Spring said: "With every hole we drill into RAS the outcomes just get better! We drilled this latest series of holes with intent to constrain the bonanza results within our high-grade core. They have shown it to be bigger and more continuous than we originally thought and this better-defined high-grade core will now form the foundation of our early production planning for the future mine."

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up 1.5% to $30.08. Investors have been buying the banking giant's shares following the release of its third quarter update. For the three months ended 30 June, Westpac delivered a 1% increase in net operating income compared to its first half quarterly average. Things were even better for its earnings, with the bank reporting a 6% lift in net profit after tax to $1.8 billion.

The post Why Audinate, Nuix, Santana Minerals, and Westpac shares are rising today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Audinate Group. The Motley Fool Australia has positions in and has recommended Audinate Group. 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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