Why Aristocrat, Galan Lithium, Graincorp, and Vulcan Energy shares are storming higher

These ASX shares are defying the market weakness on Thursday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is giving back some of yesterday's gain. At the time of writing, the benchmark index is down 0.55% to 7,065.8 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat share price is up 2.5% to $40.54. This appears to have been driven by a broker note out of Ord Minnett. Its analysts have upgraded the gaming technology company's shares to an accumulate rating with a $45 price target.

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price is up 11% to 77 cents. Investors have been buying this lithium developer's shares after it announced an offtake agreement with mining giant Glencore. In addition, Glencore has offered to provide or facilitate a secured financing prepayment facility for US$70 million to US$100 million, subject to conditions precedent being met.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up 3.5% to $7.67. This has been driven by the release of the grain exporter's full-year results. Although the company reported a 34% reduction in net profit after tax to $250 million, this didn't stop it from paying a special dividend and announcing an on-market share buy-back of $50 million.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is up 6% to $2.74. This follows the release of the lithium explorer's bridging study results for the Zero Carbon Lithium Project. Vulcan CEO, Cris Moreno, commented: "This Bridging phase has delivered significant value improvements including a reduction in CAPEX and OPEX, while also increasing and streamlining our project definition."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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