In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,327.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is up 24% to 18 cents. This follows the release of an update on the performance of the struggling infant formula company's US business. That update reveals that the business is on course to deliver on the upper end of its sales guidance range for FY 2023. Despite today's gain, the Bubs share price is down over 12% since this time last month.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 4% to 31.8 cents. Investors may believe this lithium share has been oversold this week following a very disappointing update. Alternatively, some short sellers may be buying back shares to close their positions following its massive decline this week.
Mirvac Group (ASX: MGR)
The Mirvac share price is up 1.5% to $2.36. This may have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded this property company's shares to a buy rating with a $2.55 price target.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 1.5% to 18.4 cents. This morning, this lithium developer announced a positive preliminary carbonate technical study for its flagship North American Lithium (NAL) Project in Québec, Canada. The study confirms the benefits of moving into downstream processing. Management estimates that the total EBITDA over the 16‐year project life of the carbonate plant amounts to A$7.5 billion.
