In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 2.7% to 7,727.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is up 1.5% to $30.03. This is despite there being no news out of the pizza chain operator. However, this could have been driven by bargain hunters swooping in on the belief that its shares were oversold last week.
Encounter Resources Ltd (ASX: ENR)
The Encounter Resources share price is up over 11% to 59 cents. This morning, this niobium and rare earths elements explorer released drilling results from the intersection of the Elephant Island and Stromness Faults. According to the release, the drilling has intersected further mineralised carbonatite in the West Arunta region of Western Australia. Executive Chairman Will Robinson said:
"The extremely thick carbonatite that has been drilled at this location supports an interpretation that the Elephant Island Fault corridor is a significant regional scale control for the emplacement of mineralised carbonatites in the West Arunta. This has important implications for future exploration along this corridor and other structural corridors across the project area."
Magnetic Resources NL (ASX: MAU)
The Magnetic Resources share price is up 7% to $1.58. This morning, this gold developer released an economic update on its 100% owned Lady Julie Gold Project in the Laverton gold region of Western Australia. A study confirmed that it is a financially attractive standalone project with low cost, high margin gold production of 817,470 ounces. This means an average of 104,000 ounces per year over an 8-year life of mine. Magnetic Resources' managing director, George Sakalidis, said: "The excellent outcomes demonstrate that Magnetic's Lady Julie Gold Project is one of the high margins, undeveloped gold projects in Australia."
ResMed Inc. (ASX: RMD)
The ResMed share price is up 3% to $32.74. This follows a rise from the sleep disorder treatment company's US listed shares on Friday night in response to the release of a strong quarterly update. In other news, analysts at Macquarie have retained their outperform rating on its shares with an improved price target of $36.25. The broker was pleased with the update and notes that its margins and guidance for FY 2025 were ahead of expectations. In light of this, it continues to see a lot of value in ResMed's shares and named it as one of its top picks in the sector.
