The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. In early afternoon trade, the benchmark index is down 0.9% to 8,217.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is up 9% to 54 cents. This morning, this medical technology company announced that it has won a contract with the United States Department of Defense (DoD). This contract will see the DoD pilot 4DMedical's CT Ventilation-Perfusion (CT VQ) technology to assess lung health in a fixed cohort of active duty personnel. 4DMedical's CEO and founder, Andreas Fouras, said: "CT:VQ is set to disrupt a billion dollar segment of respiratory diagnostics by displacing Nuclear VQ imaging with a technology that is faster, safer, cheaper, more convenient and more accessible."
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up over 2% to $2.65. This follows the release of a bullish broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating and lofty $4.70 price target on the uranium miner's shares. The broker believes that Boss Energy's shares could storm higher if its quarterly update is in line with its expectations. It said: "We continue to view BOE as being attractively priced (FY25 Forward EV/EBITDA 6.6x) vs peers, which could warrant a re-rate post the 2QFY25 result, should production and costs track in-line with our expectations."
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is up 9% to 24.5 cents. This morning, this graphite producer revealed that it has been awarded a tax credit of approximately US$165 million by the US Internal Revenue Service (IRS). This award has been made under the US Inflation Reduction Act's Advanced Energy Project Tax Credit Program. Management notes that it will support the potential expansion of the Vidalia active anode material (AAM) facility in Louisiana, USA to a 45ktpa AAM production capacity. It also highlights that the tax credit can be sold to an eligible US tax payer.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up over 4% to $6.19. This morning, this lithium developer revealed that it has achieved its first battery quality lithium hydroxide monohydrate (LHM) production. Management revealed that the production of the LHM met product purity specifications at its downstream Central Lithium Electrolysis Optimisation Plant in Germany. Vulcan CEO Cris Moreno said: "This is a major milestone for Vulcan and demonstrates the final step in establishing a first fully domestic and integrated supply chain in Europe producing battery grade LHM from a local resource."
