In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the year with a small decline. At the time of writing, the benchmark index is down 0.4% to 7,583.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is up 3.5% to $11.32. Investors have been scrambling to buy shares in this lithium miner this week. Arcadium Lithium is the result of the merger of Allkem (ASX: AKE) and Livent Corp (NYSE: LTHM). It has risen 12% since hitting the ASX boards.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 3% to 69 cents. This morning, this nickel miner revealed that it has completed the acquisition of an additional 8.25% interest in the Excelsior Nickel Project, increasing its equity interest to 13.75%. Nickel Industries paid US$189.8 million for the 8.25% stake.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 11% to 75.5 cents. This is despite there being no news out of the battery materials technology company. However, with its shares down heavily this year, some investors may believe they have fallen into bargain territory and want them in their portfolio for 2024. Novonix shares are down 47% over the last 12 months.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 4.5% to 7.1 cents. Once again, this is despite there being no news out of the lithium miner today. However, much like Novonix, bargain hunters could be buying its shares after they dropped over 60% this year.
