The S&P/ASX 200 Index (ASX: XJO) is having a volatile day and has just slipped into the red. In afternoon trade, the benchmark index is down slightly to 7,293.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
29Metals Ltd (ASX: 29M)
The 29Metals share price is up 17% to 88 cents. This follows the release of the copper miner's half-year results, which was enough to offset news of an institutional entitlement offer. The latter saw 29Metals raise $122 million at an 8% discount of 75 cents per new share.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is up 8% to $9.60. This appears to have been driven by news that UBS has upgraded the computer hardware and software distributor's shares to a buy rating with an improved price target of $9.60. This follows the release of Dicker Data's half-year results yesterday. Elsewhere, Morgan Stanley has retained its overweight rating and $10 price target.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is up 3% to $3.96. Investors have been buying this retail giant's shares after it released its FY 2023 results. This is despite the retailer posting a 3.8% decline in revenue to $9,193 million and a 33.5% decline in net profit after tax to $539.5 million. The market appears to have been expecting an even softer result.
IGO Ltd (ASX: IGO)
The IGO share price is up 5% to $13.85. This morning, this battery materials miner announced a 13% increase in revenue to $1.02 billion and a 278% jump in underlying net profit after tax to $1.5 billion. Profit was higher than revenue due to the receipt of a record dividend from the Tianqi Lithium Energy joint venture of over $1.1 billion.
