In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,093.1 points.
Four ASX shares that have not let that hold them back are listed below. Here's why they are pushing higher:
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Dreadnought Resources Ltd (ASX: DRE)
The Dreadnought Resources share price is up 1% to 9.7 cents. This follows the release of drilling results from the rare earths explorer's Yin Ironstone Complex at the 100% owned Mangaroon operation. Dreadnought's Managing Director, Dean Tuck, commented: "Since drilling commenced in June 2022, Dreadnought has delivered a substantial initial Resource over just 3kms of Yin paving the way for significant Resource growth drilling in 2023."
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is up 5% to $1.41. Investors have been buying the sports betting company's shares after it revealed that it is in discussions with the owner of Betr regarding the potential divestment of its Australian operations. Pointsbet hasn't revealed how much it is looking to sell the business for. Though, Goldman Sachs has previously valued the business at approximately $80 million.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is up over 2% to $118.10. This follows another rise in the iron ore price overnight. The steel making ingredient is trading above US$110 a tonne thanks to optimism over the easing of COVID restrictions in China. Fellow iron ore miners are rising on the news as well.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 2.5% to $36.69. This appears to have been driven by a rise in the Brent crude oil price overnight in response to easing COVID restrictions in China. This has led to the S&P/ASX 200 Energy index rising 1.1% this afternoon.
