In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,340.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Computershare Ltd (ASX: CPU)
The Computershare share price is up 5.5% to $17.89. This is despite there being no news out of the share registry company. However, speculation that the US Federal Reserve could raise interest rates sooner than anticipated may have given its shares a boost. Low rates have been weighing on Computershare’s margins.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 8.5% to 63 cents. Investors have been buying this lithium explorer’s shares this week after it announced a partnership with Lilac Solutions. This partnership is for technology and funding to develop Lake Resource’s Kachi Lithium Brine Project in Argentina. The Lake Resources share price is now up almost 700% in 2021.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is up almost 3% to $28.40. This morning the team at Bell Potter responded positively to the retail giant’s full year results. The broker upgraded its shares to a buy rating with a price target of $31.25. “While we expect a rebase in FY22 earnings, we believe this is already priced in & we now look beyond this and see the resumption of solid growth from FY23 onwards. With an implied Just Group EV/EBITDA (pre-AASB16) ~10x, we upgrade from Hold to Buy,” it added.
Woodside Petroleum Limited (ASX: WPL)
The Woodside Petroleum share price is up 2.5% to $22.33. Investors have been buying Woodside and other energy shares today after oil prices charged higher overnight. Traders were buying oil after growing fuel demand and a draw in U.S. crude inventories led to tight supplies.