The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday. In afternoon trade, the benchmark index is down 0.5% to 8,868 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Image source: Getty Images
Clinuvel Pharmaceuticals Ltd (ASX: CUV)
The Clinuvel Pharmaceuticals share price is up 2% to $9.42. This morning, this biotherapeutics company announced that it has publicly filed its Form 20-F Registration Statement with the U.S. Securities and Exchange Commission (SEC). Once reviewed and approved, Clinuvel intends to list an American Depository Share (ADS) on the Nasdaq Stock Market. The company's legal counsel, Benson Chao, said: "Having worked closely with our auditors and counsel, CLINUVEL has addressed all questions posed by the SEC in previous rounds of confidential review and – we believe – can demonstrate compliance with the rigorous U.S. requirements. In the coming weeks we will learn the SEC's feedback and continue our liaison with the Nasdaq team as we move towards a listing of our ADS."
Elevra Lithium Ltd (ASX: ELV)
The Elevra Lithium share price is up 3% to $12.65. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded the lithium miner's shares to an outperform rating (from neutral) with an improved price target of $14.50 (from $13.50). This implies potential upside of almost 15% for investors from current levels. Macquarie has boosted its lithium price forecasts, which has led to upgrades to its earnings estimates.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is up 2% to $6.77. Investors have been buying this gold miner's shares following a jump in the gold price. Traders were bidding the precious metal higher after a US-Iran peace deal sparked hopes that oil prices will fall and inflation and interest rates won't rise as much as feared. The S&P/ASX All Ordinaries Gold Index is up 1.5% at the time of writing.
Southern Cross Electrical Engineer Ltd (ASX: SXE)
The SCEE share price is up 15% to $4.62. Investors have been buying the specialised electrical provider's shares after a guidance upgrade sparked a bullish broker note out of Bell Potter. Bell Potter responded to the update by retaining its buy rating with an improved price target of $5.40 (from $3.70). It commented: "Our Target Price lifts to $5.40/sh (up from $3.70/sh), given a more optimistic mediumterm revenue growth outlook, underpinned by rising investment momentum in the Data Centre and BESS construction markets. Our upgraded Target Price implies a NTM PE of 27.9x (41% premium to the peer group). This premium is justified given the company's strong prospects of delivering acquisition accretion in the near-term."
