The S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. In afternoon trade, the benchmark index is down 1.2% to 6,720 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are racing higher:
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Challenger Ltd (ASX: CGF)
The Challenger share price is up 4% to $6.75. Investors have been buying this annuities company's shares after it released its quarterly update and announced an agreement to divest its banking operations. In respect to the former, Challenger's Life sales were up 33% during the first quarter to $2.8 billion. Whereas for the latter, the company is selling its Australian bank to Heartland Group Holdings Ltd (ASX: HGH) for $36 million.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 7.5% to $2.29. This morning this battery materials and technology company announced that it has been selected to enter negotiations to receive US$150 million (A$240 million) in grant funding from the US Department of Energy. These funds would be dedicated to the construction of a 30,000 tonnes per annum anode materials US manufacturing facility.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up over 8% to 91 cents. Like Novonix, this morning Piedmont Lithium revealed that it is in line to receive a US$141.7 million (A$226 million) grant from the US Department of Energy. These funds would be used to support the construction of the company's US$600 million (A$958 million) Tennessee Lithium project.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 5.5% to $34.37. Investors have been buying this energy giant's shares following the release of a record third quarter result. Woodside revealed record production of 51.2 MMboe and record revenue of US$5,858 million. These were up 52% and 70%, respectively, over the second quarter.
