The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very disappointing note. In afternoon trade, the benchmark index is down 2.35% to 7,159 points.
Four ASX shares that are defying the market selloff are listed below. Here's why these ASX shares are rising:
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 2.5% to $3.57. As well as getting a boost from a rising gold price, a positive announcement has given this gold miner's shares a lift. That announcement reveals that its Cowal Gold Operation has been granted regulatory approval to develop an underground mine. The development will extend the operation's permitted mine life to 2040. It is also expected to support production in excess of 350,000 ounces of gold per annum from Cowal.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is up 3.5% to $8.80. This appears to have been driven by a decent rise in the gold price overnight amid increased demand for safe haven assets. According to CNBC, the spot gold price rose 2% on Thursday night to US$1,758.10 an ounce.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price has jumped 7% to $2.74. This follows the release of an update this morning. According to the release, together with its development partner CEA-Leti, Weebit Nano has demonstrated production-level parameters of its Resistive Random-Access Memory (ReRAM) technology in a 28 nanometre (nm) process.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 3% to $3.32. Investors have been buying this coal miner's shares after coal prices continued their ascent. According to CommSec, the spot thermal coal price rose 3.6% overnight to US$218 a tonne. Very strong demand in China is driving prices notably higher this week.
