Why Lynas, Melbana, Patriot Battery Metals, and Telstra shares are rising today

These ASX shares are outperforming the market on Wednesday.

| More on:
A young bearded man wearing a white t-shirt with a yellow backdrop holds up his arms to his chest and points to the camera in celebration of ASX shares rising today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak on Wednesday. In afternoon trade, the benchmark index is down 0.4% to 7,251.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is up 1.5% to $7.31. Investors have been buying this rare earths producer's shares this week after China curbed exports of a couple of critical metals. While these are not metals that Lynas produces, some investors may believe that restrictions could expand to other areas. Lynas' Advanced Materials Plant is the largest rare earth production facility outside of China.

Melbana Energy Ltd (ASX: MAY)

The Melbana Energy share price is up 8% to 9.4 cents. This morning, this energy developer released positive results from the Alameda well. A production test of Unit 1A flowed oil to surface unassisted, demonstrating moveable hydrocarbons at this level.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up 6% to $1.93. Investors have been buying this ASX lithium share after it announced positive results from its preliminary heavy liquid separation (HLS) test work on CV13 pegmatite core samples. The company's HLS test work, followed by magnetic separation, produced 6%+ Li2O spodumene concentrates, with overall lithium recoveries exceeding 70%.

Telstra Group Ltd (ASX: TLS)

The Telstra share price is up over 1% to $4.36. This appears to have been driven by the release of a broker note out of UBS this morning. According to the note, the broker has upgraded the telco giant's shares to a buy rating with a $4.75 price target. UBS highlights the rational competition in the mobile market and Telstra's market-leading price increases as reasons to be positive.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Industrials Shares

Up 39% in a year, is there more growth to come for this ASX 200 share?

IML Equity Analyst Josh Freiman shares his views on a major ASX 200 industrial stock.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Catapult, Flight Centre, Nufarm, and Xero shares are storming higher today

These shares are having a strong session on Thursday. But why? Let's find out.

Read more »

drug capsule opening up to reveal dollar signs signifying rising asx share price
Healthcare Shares

3 ASX healthcare shares going gangbusters on Thursday

Investors are sending these ASX healthcare stocks soaring today. But why?

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 made it three-for-three losses in a row this Wednesday.

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Brickworks, James Hardie, Megaport, and OFX shares are charging higher today

These shares are having a good time on hump day. But why?

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured another day of selling this Tuesday.

Read more »

Man pointing at a blue rising share price graph.
Technology Shares

Guess which ASX 300 tech stock is already up 64% in November!

The ASX 300 tech stock is surging higher this month. But why?

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why ANZ, Block, Neuren, and Pilbara Minerals shares are pushing higher today

These shares are having a solid session on Tuesday. But why? Let's find out.

Read more »