The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.25% to 8,544.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are pushing higher today:
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Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 5% to $2.51. Investors may believe that rising tensions in the Middle East could lead to increased demand for its defence products. Last month, EOS announced that it secured a new order for Remote Weapon Systems (RWS) amounting to approximately $53 million. It advised: "The order is for EOS' flagship "Slinger" Counter-Drone Remote Weapon System (RWS), and the systems will be configured for naval deployment. The systems will be supplied with a range of weapon configurations, and include some systems with cannons."
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 5.5% to $9.21. This has been driven by the aforementioned tensions in the Middle East. Traders were scrambling to buy gold after Israel launched an attack on Iran's nuclear facilities. This has led to increased demand for safe haven assets, which in turn has led to the S&P/ASX All Ords Gold index jumping a sizeable 4.5% on Friday afternoon.
Renascor Resources Ltd (ASX: RNU)
The Renascor Resources share price is up 12% to 6.6 cents. This morning, this battery materials developer announced that South Australia's Minister for Planning has granted provisional development authorisation for its proposed commercial-scale Battery Anode Material (BAM) manufacturing facility in South Australia. The company's managing director, David Christensen, stated: "With this important regulatory milestone now achieved, we look forward to continuing our engagement with the Department for Housing and Urban Development, the City of Salisbury and the local community as we advance our plans to construct and operate a state-of-the art manufacturing facility in South Australia."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 7% to $25.13. Investors have been buying Woodside and other ASX energy stocks after oil prices surged in response to Israel's attack on Iran. According to CNBC, the WTI crude oil price is up a whopping 13% to US$76.78 a barrel and the Brent crude oil price is up 11.5% to US$77.31 a barrel. This has led to the S&P/ASX 200 Energy index charging 4.5% this afternoon.
