The S&P/ASX 200 Index (ASX: XJO) is on course to start the shortened week with a decline. In afternoon trade, the benchmark index is down 0.5% to 8,581.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is up 2.5% to $4.06. This is despite there being no news out of the medical technology company. However, it is worth noting that Bell Potter is bullish on the company. Last week, the broker retained its speculative buy rating on 4DMedical's shares with an improved price target of $6.00 (from $4.85). Bell Potter said: "The clinical data from the CLEAR study will provide the necessary evidence to further support broad adoption for diagnosis of PE [Pulmonary Embolism]. Outpatient reimbursement will continue under the existing category III CPTA codes paid at US$650/scan. TAM for this market is estimated at $2.5bn annually."
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is up 3% to $21.49. This also may have been driven by a broker note out of Bell Potter. This morning, the broker retained its buy rating on the automotive retailer with a slightly trimmed price target of $28.00 (from $28.75). It said: "In our view the stock looks reasonable value trading on PE ratios of c.20x and 17x in 2026 and 2027 where the latter is the first full year of the CanadaOne investment (so is the more relevant in our view). We also see the recent trading update at the AGM as effectively "cleansing" the market as the H1 result has now been largely flagged – so there should be no surprises."
IDP Education Ltd (ASX: IEL)
The IDP Education share price is up 6% to $2.12. On Friday, S&P Dow Jones Indices revealed that the language testing and student placement company was being removed from the ASX 200 index at this month's quarterly rebalance. While this is usually a negative for a stock, IDP Education is one of the most shorted shares on the local market. As some short sellers are only able to target ASX 200 shares, it is possible that they are buying shares today to close their sizeable positions. The rebalance will take place prior to the open of trading on 22 June.
oOh!Media Ltd (ASX: OML)
The oOh!Media share price is up 8% to $1.36. This morning, this out of home media company revealed that it has received a competing non-binding takeover offer from Bain Capital and other financial sponsors. It revealed that the offer is consistent with the terms of the I Squared Capital proposal. It concludes: "oOh! does not intend to comment further on press speculation regarding change of control proposals. oOh! will continue to update the market in accordance with its continuous disclosure obligations."
