In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is giving back some of yesterday's gains. At the time of writing, the benchmark index is down 0.6% to 7,105.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is up 5% to $20.21. Investors have been buying the biopharmaceutical company's shares following the release of preliminary results relating to a pilot study evaluating afamelanotide in six adult patients with arterial ischaemic stroke (AIS) who were ineligible to receive standard treatment. At an early stage, the study has shown that afamelanotide was well tolerated and delivered promising improvements.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is up a further 4.5% to $14.42. Investors have been buying this IT distributor's shares this week following the release of a broker note out of Morgan Stanley. Its analysts have initiated coverage on Dicker Data with an overweight rating and $16.00 price target. The broker believes Dicker Data is well-placed for growth over the medium term thanks to industry tailwinds and its leadership position within it.
Healius Ltd (ASX: HLS)
The Healius share price is up 3.5% to $4.46. Investors have responded positively to this healthcare company announcing a $100 million share buyback. Healius notes that the buyback will be managed within the '10/12 limit' permitted by the Corporations Act. As a result, it does not require shareholder approval.
Uniti Group Ltd (ASX: UWL)
The Uniti share price was up 17% to $3.68 before being placed into a trading halt. Investors were bidding this telco's shares higher amid speculation that it could be in exclusive takeover talks. Uniti has neither confirmed nor denied the speculation. It intends to release an announcement relating to the speculation tomorrow morning.
