Why Azure Minerals, Eroad, Predictive Discovery, and Talga shares are rising

These ASX shares are rising despite the market selloff.

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It has been a very tough day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.6% to 7,198.9 points.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Azure Minerals Ltd (ASX: AZS)

The Azure Minerals share price is up 11% to $1.38. Investors have been buying this lithium share since the release of positive drilling results from the 60% owned Andover project. Management said that it is "confident that our project has the potential to host lithium resources of world-class scale."

Eroad Ltd (ASX: ERD)

The Eroad share price is up 64% to $1.16. This follows news that the fleet management solutions provider has received a non-binding takeover offer from Canada's Constellation Software Inc (TSX: CSU). An offer of $1.30 per share has been tabled. This represents an 84.4% premium to its last traded price and values Eroad at $146.8 million.

Predictive Discovery Ltd (ASX: PDI)

The Predictive Discovery share price is up 3% to 16 cents. Investors may believe that this gold share has been oversold recently. Investors were selling down Predictive Discovery's shares following the release of assay results from its ongoing drilling programs at the Bankan Gold Project in Guinea.

Talga Group Ltd (ASX: TLG)

The Talga share price is up 2% to $1.40. This has been driven by news that this graphite developer has received the environmental permit for its commercial battery anode plant in Lulea, Sweden. This allows Talga to commence refinery construction groundworks in the third quarter of 2023. It will be Europe's first commercial natural graphite anode plant.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Constellation Software. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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