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 0.8% to 7,150.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 6% to $1.27. This is despite there being no news out of the lithium developer today. However, a number of emerging lithium players are rising today. Investors appear to believe they have been oversold during recent market volatility.
Perenti Global Ltd (ASX: PRN)
The Perenti Global share price is up 15% to 79.8 cents. Investors have been buying this engineering company’s shares after it announced a major contract win. According to the release, Evolution Mining Ltd (ASX: EVN) has awarded Perenti a contract for all the underground development and production works for its Cowal Underground project. This contract is estimated to be worth $520 million.
Strandline Resources Ltd (ASX: STA)
The Strandline Resources share price is up 6% to 36 cents. This morning the minerals sands company revealed that construction of its 100%-owned Coburn mineral sands project in Western Australia is now 75% complete. This means the company remains on track for its first production of heavy mineral concentrate later this year.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is up 3% to $5.60. Investors have been buying this coal miner’s shares after an independent expert concluded that a low-ball takeover offer was not in the best interests of shareholders. Yankuang Energy Group – Yancoal’s parent company and controlling shareholder – was hoping to snag the company at a discount of $5.07 per share.