Why Lynas, Melbana, Patriot Battery Metals, and Telstra shares are rising today

These ASX shares are outperforming the market on Wednesday.

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The S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak on Wednesday. In afternoon trade, the benchmark index is down 0.4% to 7,251.9 points.

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

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is up 1.5% to $7.31. Investors have been buying this rare earths producer's shares this week after China curbed exports of a couple of critical metals. While these are not metals that Lynas produces, some investors may believe that restrictions could expand to other areas. Lynas' Advanced Materials Plant is the largest rare earth production facility outside of China.

Melbana Energy Ltd (ASX: MAY)

The Melbana Energy share price is up 8% to 9.4 cents. This morning, this energy developer released positive results from the Alameda well. A production test of Unit 1A flowed oil to surface unassisted, demonstrating moveable hydrocarbons at this level.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up 6% to $1.93. Investors have been buying this ASX lithium share after it announced positive results from its preliminary heavy liquid separation (HLS) test work on CV13 pegmatite core samples. The company's HLS test work, followed by magnetic separation, produced 6%+ Li2O spodumene concentrates, with overall lithium recoveries exceeding 70%.

Telstra Group Ltd (ASX: TLS)

The Telstra share price is up over 1% to $4.36. This appears to have been driven by the release of a broker note out of UBS this morning. According to the note, the broker has upgraded the telco giant's shares to a buy rating with a $4.75 price target. UBS highlights the rational competition in the mobile market and Telstra's market-leading price increases as reasons to be positive.

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. 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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