The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday and dropping into the red. In afternoon trade, the benchmark index is down 1.9% to 7,365.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Antipa Minerals Ltd (ASX: AZY)
The Antipa Minerals share price is up 1.5% to 40 cents. This morning, the company revealed that IGO Ltd (ASX: IGO) has elected to withdraw from the Paterson Project farm-in agreement that was entered into in July 2020. As a result, Antipa Minerals retains 100% ownership of the project which fully surrounds the Minyari Dome Development Project area and its 2.3 million oz of gold and 83,500 tonnes of copper.
Cettire Ltd (ASX: CTT)
The Cettire share price is up 5% to 64 cents. This online luxury products retailer's shares are down by a third since this time last month and over 80% since this time last year. This could mean that bargain hunters are swooping in today. In addition, it is possible that as one of the the most shorted shares on the ASX, some short sellers could be buying back shares today in order to close their positions.
Magnetic Resources NL (ASX: MAU)
The Magnetic Resources share price is up 4% to $1.40. This follows the release of a drilling update this morning. Magnetic Resources revealed that a new composite comprising diamond drill core from the deeper section of the deposit demonstrated a 97.5% recovery with the optimised flotation circuit. Management believe that this is a spectacular increase over the potential recovery achieved with conventional gravity/leach of 88%.
Steadfast Group Ltd (ASX: SDF)
The Steadfast share price is up 1.5% to $5.51. This is despite there being no news out of the insurance broker company. However, given how defensive its business is, some investors may see it as a good option in the current environment. Goldman Sachs certainly does. The broker recently put a buy rating and $6.50 price target on Streadfast's shares. This implies potential upside of 18% from current levels. It said: "We like SDF because of the industry structure favouring insurance brokers. 1) Premium rate environment remains supportive of organic growth trends (albeit moderating); 2) Little to no exposure to underwriting risk with revenues largely dependent on premiums written."
