In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a heavy decline. At the time of writing, the benchmark index is down 1.3% to 7,019.6 points.
Four ASX shares that aren't letting that hold them back are listed below. Here's why they are racing higher:
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up 4.5% to 33.5 cents. Investors have been buying this lithium developer's shares amid news that it has completed the brine systems work at the Rincon Lithium Project. All in all, this puts the company on track to achieve its first production of lithium carbonate in the middle of the year.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price has jumped almost 14% to $1.32. This has been driven by a strong rise in the gold price overnight and news that the gold explorer's shares will be added to the illustrious ASX 200 index at the next quarterly rebalance on 22 March.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 3.5% to $4.13. Investors have been buying this miner's shares again on Monday in response to another strong rise in the thermal coal price. According to CommSec, the thermal coal price rose 13.2% on Friday to US$418.75 a tonne. Traders have been bidding up coal prices on the belief that Europe will switch to it to avoid Russian natural gas.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price has jumped 9% to $34.34. Investors have been bidding this energy producer's shares higher again following another strong rise in oil prices. Prices reached a 13-year high of US$130 a barrel briefly amid speculation that Russian oil could soon be banned. This has heightened fears of supply issues.
