The S&P/ASX 200 Index (ASX: XJO) is having a disappointing session on Wednesday. In afternoon trade, the benchmark index is down 0.5% to 7,275.3 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is up almost 8% to 42 cents. This morning, this Ghana based lithium explorer released drilling results from its Ewoyaa project. The update reveals that newly reported assay results have extended mineralisation at the Ewoyaa South-2 and Ewoyaa North-East deposits, outside of the current mineral resource estimate.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up 2% to 71.5 cents. This follows news that the company's North American Lithium project has received payment for the first shipment of approximately 20,500 wet metric tonnes of lithium oxide concentrate. Approximately 30,000 wet metric tonnes of concentrate inventory is at port and available for upcoming shipments.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 2% to $5.76. This morning, analysts at Morgan Stanley responded to news of Alan Joyce's earlier-than-planned exit by retaining their overweight rating and $9.00 price target. While surprised by the news, it doesn't change anything for the broker given that the transition had been flagged for some time.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 2.5% to 60 cents. This is despite there being no news out of the graphite producer. However, with its shares being ejected from the ASX 200 index this month, some short sellers with strict investment mandates could be buying shares to close their positions. Syrah is one of the most shorted ASX shares.
