It has been another disappointing session for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.4% to 7,065 points.
Four ASX shares that have not let that hold them back are listed below. Here's why they are rising:
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29Metals Ltd (ASX: 29M)
The 29Metals share price is up almost 8% to 70 cents. Investors have been buying this copper miner's shares after Morgan Stanley upgraded it to an overweight rating with an 85 cents price target. The broker made the move on valuation grounds and optimism over the Capricorn Copper restart.
Deterra Royalties Ltd (ASX: DRR)
The Deterra Royalties share price is up 3% to $4.96. This has also been driven by a broker note out of Morgan Stanley. Its analysts have upgraded this mining royalties company's shares to an overweight rating with a $5.50 price target. The broker believes that stronger-than-expected iron ore prices will boost the company's earnings.
Fonterra Shareholders' Fund (ASX: FSF)
The Fonterra share price is up 5% to $3.25. This follows the release of the dairy company's FY 2023 results. For the 12 months ended 31 July, Fonterra reported an 11% increase in total revenue to $26 billion and a 170% jump in total net profit to $1.6 billion.
South32 Ltd (ASX: S32)
The South32 share price is up almost 2% to $3.39. This morning, analysts at Ord Minnett upgraded this mining giant's shares to an accumulate rating with a $4.10 price target. As well as decent upside, the broker is expecting some big fully franked dividend yields in the coming years. Based on its estimates and the current South32 share price, Ord Minnett is forecasting a ~6% yield in FY 2024 and then a ~8% yield in FY 2025.
