The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and dropping into the red. In afternoon trade, the benchmark index is down 0.4% to 8,132.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up almost 7% to 11.2 cents. This is despite there being no news out of the lithium miner on Tuesday. However, it is worth noting that lithium miners had a good session on Wall Street overnight despite the market weakness. This appears to be rubbing off on local players today. Investors may be getting a little more positive on the industry. Especially given recent mergers and acquisitions activity, such as Rio Tinto Ltd (ASX: RIO) signing a deal to acquire Arcadium Lithium (ASX: LTM).
Imugene Ltd (ASX: IMU)
The Imugene share price is up 4.5% to 4.6 cents. This morning, this clinical stage immuno-oncology company released an update on its Phase 1 MAST (Metastatic Advanced Solid Tumours) trial. It is evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (VAXINIA). Imugene revealed that a bile tract cancer patient in Imugene's phase 1 trial remains a complete response, now surpassing more than two years in remission.
Lifestyle Communities Ltd (ASX: LIC)
The Lifestyle Communities share price is up 9% to $9.20. This follows news that HMC Capital Ltd (ASX: HMC) has acquired an interest in the retirement communities company. It paid around $8.50 per share for a 2.69% stake. It also has the option to acquire another 4.5% stake in a cash-settled total return swap. Given Lifestyle Communities' recent struggles, the market may believe that HMC Capital is going to force changes and turn around its performance.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 6% to $38.81. Investors have been buying the dip on this mining and mining services company's shares following Monday's selloff. Bell Potter thinks investors should be taking advantage of the weakness. This morning, it reaffirmed its buy rating and $61.50 price target. It said: "We continue to base our investment view on the fundamentals of MIN's business. Looking forward 12-months, we think the proposed changes will be complete, or near complete, and MIN will continue to be an attractive investment, and accordingly we maintain our buy recommendation."
