In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. At the time of writing, the benchmark index is down 1.5% to 6,662.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Actinogen Medical Ltd (ASX: ACW)
The Actinogen share price has jumped 28% to 12.3 cents. Investors have been buying this biotechnology company's shares after it announced positive Alzheimer's Disease clinical results. The new clinical results show that Actinogen's Xanamem product had a therapeutic effect in patients with a biomarker-positive blood profile.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 1% to $1.17. This follows news that Core Lithium has transitioned from being a lithium developer to a lithium miner following the official opening of its Finniss Lithium mine. This makes it the first operating mine in the Northern Territory and Australia's only lithium mine outside Western Australia.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up over 2% to $17.71. This is despite news that Morgans has downgraded the iron ore miner's shares to a reduce rating and cut the price target of them to $14.50. However, it is worth noting that a number of materials shares are outperforming today.
Galileo Mining Ltd (ASX: GAL)
The Galileo Mining share price has jumped 14% to $1.37. This morning this nickel explorer announced that four RC drill holes completed 400 metres north of the Callisto discovery have intersected disseminated nickel sulphide mineralisation up to 51 metres thick. Management notes that the results confirm Galileo's geological model that the five kilometres of ground to the north of Callisto is highly prospective for new discoveries.
