Why Pro Medicus, Syrah, Treasury Wine, and Weebit Nano shares are rising today

These ASX shares are outperforming and starting the week positively. But why?

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The S&P/ASX 200 Index (ASX: XJO) is having another tough session on Monday. In afternoon trade, the benchmark index is down 0.9% to 6,838.9 points.

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

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up 2% to $79.63. Investors have been buying this health imaging technology company's shares after it announced another contract win. Pro Medicus has signed a $16 million, eight-year contract with South Shore Health in the United States.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is up almost 37% to 72.5 cents. This has been driven by news that China is placing restrictions on graphite exports. Given that it is the world's largest producer, this could have a major impact on the graphite market. This news is unlikely to have gone down well with short sellers that are targeting the company. In fact, a short squeeze could well be happening today.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is up over 1% to $11.91. The catalyst for this has been news that the Chinese government has agreed to undertake an expedited review of its Australian wine tariffs. Prime Minister Anthony Albanese said: "I welcome the progress we have made to return Australian products, including Australian wine, to the Chinese market."

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up a further 15% to $4.33. Investors have been buying this semiconductor company's shares in recent sessions after it announced a commercial agreement with South Korean foundry DB HiTek. It's unclear if this gain has been driven by people spruiking the meme stock on message boards or by short sellers buying shares to close positions.

Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus and Treasury Wine Estates. 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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