The S&P/ASX 200 Index (ASX: XJO) has dropped into the red on Wednesday following a night of poor trade in the US. At the time of writing, the ASX 200 benchmark index is down 0.91% to 8,551.7 points.
While the index has dipped, three ASX 200 shares are going against the grain and are gaining ground today. Here's why they're climbing.
Infratil Ltd (ASX: IFT)
The Infratil share price is trading 4.25% higher today. At time of writing, the stock is changing hands at $10.30 a piece.
The New-Zealand based infrastructure investment company has seen its share price rise 9.33% over the year to date.
The uptick follows an announcement overnight that the company will take the place of Spartan Resources Limited (ASX: SPR) in the ASX 200 Index.
S&P Dow Jones Indices announced last night that it will remove Spartan Resources Limited from the ASX 200 Index, subject to final court approval whereby the company will be acquired by Ramelius Resources Limited (ASX: RMS).
S&P Dow Jones Indices will remove Spartan Resources from the ASX 200 Index effective prior to the open of trading on 23 July. Spartan Resources Limited will be replaced by Infratil Limited.
Iluka Resources Ltd (ASX: ILU)
The Iluka Resources share price is trading 4.59% higher today. At the time of writing, the stock is changing hands at $4.89. Over the past 5 days, the share price has risen 24.24%, helping to recoup some recent losses. Over the year, the Iluka Resources share price is 27.70% lower.
While no price-sensitive news has come out of the global mineral miner recently, Macquarie Group Ltd (ASX: MQG) recently listed the miner as a top ASX 200 pick.
The miner dominates the global minerals market. It supplies approximately 20% of the global zircon supply and 10% of global high-grade titanium feedstocks, such as rutile and chloride. In addition, it also produces rare earths and is building a processing facility.
The broker expects that the miner's Balrnald Critical Minerals Project in New South Wales will become a significant global source of high-grade mineral sands and rare earth elements. It also expects it to beat revenue estimates.
According to the broker's recent investor note, it has an outperform rating and $6.50 price target on Iluka Resources shares. This represents a potential 33% increase over the next 12 months.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price has risen another 1.25% today. At time of writing the stock is trading at $10.14. The rare earth explorer, developer, and processor has enjoyed a week of strong growth. Its share price has risen 23.21% in the last 5 trading days, and is now an impressive 60.95% higher over the year.
Again, there has not been any price sensitive news out of the company recently, but the share price is likely still rising on the wave of investor confidence following a US-based announcement last week.
Fellow rare earths miner MP Materials (NYSE: MP) made headlines on Thursday after announcing a deal with the Pentagon, which will acquire a 15% stake in the company.
As Lynas is the largest rare earths materials miner outside of China, MP's deal could have positive strategic implications for the business.
