It has been a disappointing day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.8% to 7,147 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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Delta Lithium Ltd (ASX: DLI)
The Delta Lithium share price is up over 3% to 76.5 cents. This morning, analysts at Bell Potter retained their speculative buy rating and $1.35 price target on the lithium explorer's shares. Its analysts aren't ruling out a takeover by Mineral Resources Ltd (ASX: MIN) in the future after the mining giant boosted its stake to 17.44%.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is up 1.5% to $3.05. Investors have been buying this lithium developer's shares after it announced the appointment of Monadelphous Group Ltd (ASX: MND) for the $100 million vertically integrated wet plant Structural, Mechanical, Piping and Electrical and Instrumentation contract. This is the last major construction contract and means Liontown remains on course to commence production in the middle of next year.
Pact Group Holdings Ltd (ASX: PGH)
The Pact Group share price is up 6% to 71.5 cents. This has been driven by news that its major shareholder, Kin Group, intends to make an unconditional 68 cents cash per share off-market takeover offer. With its shares rising beyond this level, it seems that some investors believe a better offer will be coming.
Starpharma Holdings Ltd (ASX: SPL)
The Starpharma share price is up 36% to 17.7 cents. Investors have been scrambling to buy the biotech company's shares after it released positive interim results from its phase 1/2 clinical trial of DEP irinotecan. The data shows encouraging durable signs of efficacy combined with excellent tolerability.
