The S&P/ASX 200 Index (ASX: XJO) is having a very tough start to the week. In afternoon trade, the benchmark index is down 1.45% to 7,745.6 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Arizona Lithium Ltd (ASX: AZL)
The Arizona Lithium share price is up 9% to 2.4 cents. This morning, this lithium explorer announced that it has received approval from the US Bureau of Land Management for the Permit of Exploration (POE) at the Big Sandy Lithium Project in Arizona, USA. This POE includes 131 exploration holes and a bulk sample. Arizona Lithium's managing director, Paul Lloyd, commented: "This represents a substantial development opportunity for a deposit that presently contains a JORC resource of 320,800 tonnes LCE. With only 4% of the project drilled to date, we are looking to expand the existing Resource and validate the exploration target."
Bapcor Ltd (ASX: BAP)
The Bapcor share price is up 13% to $4.93. This follows confirmation that the auto parts retailer has received an unsolicited, indicative, conditional and non-binding takeover proposal from Bain Capital. Under the terms of the indicative proposal, Bapcor shareholders would receive $5.40 cash per share from the private equity giant. The Bapcor board is currently considering the offer and has warned that "there is no guarantee that the Indicative Proposal put forward by Bain Capital will result in a binding offer or that any transaction will eventuate."
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up 3% to $1.84. This morning, this oncology company announced that the United States Food and Drug Administration (FDA) has extended Orphan Drug Designation (ODD) to its proprietary formulation of bisantrene, RC220. The ODD provides a wide range of benefits to sponsors of new treatments for orphan diseases. This includes seven-year US marketing exclusivity for approved orphan products. The company's chief medical officer, Dr Michelle Rashford, said: "Orphan Drug Designation is a major asset beyond AML as it enables Race to work closely and constructively with the FDA on all of our RC220 bisantrene clinical programs as we progress towards opening an FDA IND in 2025."
Tower Ltd (ASX: TWR)
The Tower share price is up 4% to 80 cents. This follows a guidance upgrade from the New Zealand based insurer. It now expects its underlying net profit after tax for the 12 months ending 30 September to be greater than NZ$40 million. This is up from its previous guidance for greater than $35 million. This increase is due to a continuation of positive trading conditions including unseasonably benign weather in the past two months.
