In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. At the time of writing, the benchmark index is down 0.3% to 7,016.4 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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Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is up over 2% to $1.31. Investors have been buying this uranium share today after Bell Potter released a bullish note. Its analysts have retained their speculative buy rating and increased their price target by 74% to $1.84. It said: "[W]e see DYL in pole position to capitalise on the momentum and advance its two flagship projects into production within the next 3-4 years."
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 7% to 25.2 cents. This morning, this rare earths explorer announced very positive results from metallurgy testworks from its operation in Brazil. Management notes that the testwork from diamond drill cores collected during a metallurgical sampling program is believed to include the highest rare earth leach extractions ever reported for a standard ammonium sulphate (AMSUL) wash at pH 4.0 for any listed company on the ASX or globally.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 4.5% to 83.5 cents. This follows news that the battery materials and technology company will receive up to C$3 million in research and development funding and advisory services from the National Research Council of Canada Industrial Research Assistance Program. Novonix plans to use the funds to advance two important research and development initiatives.
ResMed Inc (ASX: RMD)
The ResMed share price is up almost 5% to $22.97. A number of brokers have been urging investors to buy this sleep treatment company's shares this month following a significant decline. Yesterday, Goldman Sachs said that its analysts "see strong asymmetric upside risk from current levels."
