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 7,449.9 points.
Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are pushing higher:
Iress Ltd (ASX: IRE)
The Iress share price is up 2% to $11.82. This morning the financial technology company announced that it has decided against divesting its UK Mortgages business. Management believes the recent weakness in tech valuations means it will create more value retaining the business. Iress also reaffirmed its underlying net profit after tax growth guidance of 25% to 37% in FY 2022.
Krakatoa Resources Ltd (ASX: KTA)
The Krakatoa Resources share price has rocketed 117% to 12.8 cents. This morning the rare earths explorer reported that it has discovered “widespread clay hosted ionic type REE in the regolith” at its Mt Clere project in Western Australia.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is up 20% to $1.39. This afternoon the biopharmaceutical company revealed that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation for Paradigm’s phase 3 program investigating Pentosan Polysulfate Sodium (PPS) for the treatment of osteoarthritis (OA). The release highlights that the Fast Track Designation from the FDA acknowledges that OA can be a serious disease with an unmet medical need and that preliminary data demonstrate that PPS has the potential to address this unmet need.
5E Advanced Materials Inc (ASX: 5EA)
The 5E Advanced Materials share price is up 12% to $3.10. This morning the boron-focused advanced materials company entered into a research collaboration agreement with Georgetown University. The agreement will see the two parties aim to advance boron based materials research in permanent magnets.