It has been another red day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.5% to 7,316.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Australian Strategic Materials Ltd (ASX: ASM)
The Australian Strategic Materials share price is up 8% to $1.75. Investors have been buying this integrated materials company's shares after it announced a five-year binding sales and tolling framework agreement with USA Rare Earth. This is for the supply of neodymium iron boron alloy, which will be used to support USA Rare Earth's production ramp-up of high-performance rare earth magnets.
Calix Ltd (ASX: CXL)
The Calix share price is up 5% to $4.45. This morning, analysts at Bell Potter responded to the company's joint venture announcement with Pilbara Minerals Ltd (ASX: PLS) by reiterating its speculative buy rating with an $8.70 price target. This implies a potential upside of 95% from current levels.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 1.5% to 15.3 cents. Investors have been buying this lithium miner's shares this week thanks to a positive announcement. That announcement reveals that the first shipment of approximately 20,500 tonnes of lithium spodumene concentrate has been sold into a "buoyant global spot market."
Tietto Minerals Ltd (ASX: TIE)
The Tietto Minerals share price is up 7% to 53.5 cents. This morning, this gold miner announced that it produced 11,643 ounces of gold at its Abujar operation in July. This implies a significant improvement in past production rates. For example, during the June quarter, Tietto produced 15,592 ounces. That's an average of approximately 5,200 ounces a month.
