The S&P/ASX 200 Index (ASX: XJO) is having another underwhelming session on Wednesday. In late trade, the benchmark index is down 0.2% to 7,247.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is up 6% to $8.82. This follows the release of the computer hardware and software distributor's first-quarter update. For the three months ended 31 March, Dicker Data delivered a 14.7% increase in total revenue to $772.3 million and 6.7% lift in net profit before tax to $25.4 million.
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 8.5% to 38.5 cents. This morning, this emerging lithium-boron producer announced a commercial offtake agreement partnership with Dragonfly Energy Holdings Corp (NASDAQ: DFLI). The agreement between the two Nevada-based companies is expected to provide Dragonfly with a domestic supply of lithium carbonate, a critical component in lithium iron phosphate battery cells.
Monadelphous Group Ltd (ASX: MND)
The Monadelphous share price is up 3% to $13.27. This appears to have been driven partly by a reasonably positive broker note out of Citi. According to the note, the broker has taken its sell rating off the engineering company's shares and upgraded them to a neutral rating with an improved price target of $12.80.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is up 8.5% to $7.57. This is despite there being no news out of the semiconductor company. This appears to have been driven by day traders and message board hype. Time will tell if Weebit Nano is yet another meme stock that investors eventually get burned with, but I wouldn't bet against that happening.
