In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower. At the time of writing, the benchmark index is down 0.5% to 7,484.2 points.
Four ASX shares that are defying the market and are charging higher today are listed below. Here's why they are rising:
Alumina Limited (ASX: AWC)
The Alumina share price is up 14% to $1.12. Investors have been buying this alumina producer's shares this week after it revealed that its partner, Alcoa (NYSE: AA), plans to fully curtail production at the Kwinana Alumina Refinery in Western Australia from the second quarter of 2024. Goldman Sachs responded by upgrading Alumina's shares to a buy rating with a $1.43 price target.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo share price is up 2% to $13.75. This may have been driven by a bullish broker note out of Morgan Stanley this morning. According to the note, the broker has retained its overweight rating with a $19.30 price target. The broker sees a big opportunity for the company to expand its charity offering.
Kali Metals Ltd (ASX: KM1)
The Kali Metals share price is up a further 42% to 75 cents. This morning, Mineral Resources Ltd (ASX: MIN) revealed that it has built up a stake of almost 10% in the company. This is on top of the personal investment that its billionaire co-founder Chris Ellison made through its IPO. Kali Metals also released exploration results this morning which appear to have gone down well with the market.
Silex Systems Ltd (ASX: SLX)
The Silex Systems share price is up 10.5% to $4.48. Investors have been buying the uranium enrichment technology company's shares after the U.S. Department of Energy released a request for proposal for the acquisition of High Assay Low Enriched Uranium (HALEU). Management appears to believe it could be well-positioned to benefit from funding.
