The S&P/ASX 200 Index (ASX: XJO) is having another disappointing session. In afternoon trade, the benchmark index is down 1.1% to 7,174.9 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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Austal Ltd (ASX: ASB)
The Austal share price is up over 2% to $1.89. This has been driven by news that the shipbuilder has been awarded a new contract by the US Navy. Austal will receive A$143.4 million for the construction of three Landing Craft Utility 1700 class craft. Management highlights that the contract further diversifies the company's steel shipbuilding portfolio.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up over 2% to $1.65. This appears to have been driven by another rise in oil prices overnight. News that Russia and Saudi Arabia plan to continue with their supply cuts for the rest of the year has helped drive oil prices to 10-month highs.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is up 5% to $3.04. This may have been driven by the release of a broker note out of UBS this morning. According to the note, the broker has taken its sell rating off the mineral exploration company's shares and upgraded them to a neutral rating with a $3 price target.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is up over 8% to $3.01. This is despite there being no news out of the lithium developer. However, it is worth noting that this means its shares are now trading above the non-binding $3 cash per share takeover offer tabled by lithium giant Albemarle. Investors may believe that a competing proposal is coming.
