The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. In afternoon trade, the benchmark index is down 0.8% to 8,179 points.
Four ASX shares that are defying the market weakness and pushing higher are listed below. Here's why they are rising.
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is up 2.5% to 21 cents. It seems that some day traders believe that an opportunity has opened up to pick up shares after a selloff in recent sessions. Investors have been hitting the sell button in a panic amid concerns about provisional plans to delist from the Australian share market. It is also possible that some short sellers are buying shares today to close positions and lock in their profits.
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is up 2% to $4.89. This is despite there being no news out of the lotteries company. However, given how its earnings are very defensive, it is possible that some investors may have been rotating funds into Lottery Corporation shares while other areas of the market tumble today. The team at Morgans is likely to be supportive of this. Last month, the broker put an add rating and $5.60 price target on its shares.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is up 2% to $10.20. Investors have been fighting to get hold of this airline operator's shares since the release of its half year results. In addition, news of a decline in oil prices may have gone down well with investors today. Qantas is a big winner from low oil prices given how fuel costs are a significant outlay. Analysts at Morgan Stanley believe the Flying Kangaroo's shares can keep rising. Last week they put an overweight rating and $11.50 price target on them.
Transurban Group (ASX: TCL)
The Transurban share price is up 1% to $13.35. This may also have been driven by investors seeking safer ASX shares to buy during this market volatility. Given the defensive nature of toll roads, Transurban is seen as a safe haven by many investors. The team at UBS would likely be supportive of investors buying Transurban's shares today. Last month, the broker put a buy rating and $14.85 price target on them. This implies potential upside of just over 11% for investors over the next 12 months from current levels.
