In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 7,265.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
Alumina Limited (ASX: AWC)
The Alumina share price is up almost 4% to $2.23. This solid gain appears to have been driven by rising alumina prices. Demand has been increasing at a time when supply has been tightening. Much to the delight of Alumina and its shareholders, the company’s shares hit a 52-week high this morning.
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is up 4% to 31.7 cents. This follows the release of drilling results from its Great Cobar deposit. According to the release, exceptional copper-gold mineralisation was intercepted in follow-up drilling targeting down-plunge extensions. The Great Cobar deposit is located to the north of the company’s Peak Mine near Cobar, New South Wales.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is up 3.5% to $14.13. Today’s gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted its price target to $17.00. Credit Suisse believes that Netwealth could win a 15% share of the platform market by the end of the decade.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price has jumped 5.5% to 77 cents. Investors have been buying this lithium developer’s shares recently after the price of the battery making ingredient increased further. Prices for battery-grade lithium carbonate rose 26.5% in China to 160,000 yuan (US$24,800) a tonne during the final two weeks of September.