In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 6,983 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 9% to 18 cents. This is despite there being no news out of the lithium developer. However, with its shares still down over 80% since this time last year, some investors may believe they have been oversold.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is up 3% to $84.02. Once again, this is despite there being no news out of the health imaging technology company. Though, it is worth noting that the tech sector has been outperforming on Tuesday. This follows a reasonably positive night for the tech-focused Nasdaq index overnight.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up 10% to $1.01. Investors have been buying this oncology-focused biotechnology company's shares today following the release of positive interim clinical results from an ongoing investigator-initiated Phase 2 trial of bisantrene in combination with fludarabine and clofarabine in relapsed or refractory Acute Myeloid Leukaemia patients.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 2% to $3.43. This morning, analysts at Bell Potter initiated coverage on the youth fashion retailer's shares with a buy rating and $4.60 price target. The broker sees scope for the company to almost double its store network. Combined with margin expansion potential, Bell Potter sees strong earnings growth ahead.
