In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its intraday gains and dropped into the red. At the time of writing, the benchmark index is down 0.2% to 7,015.3 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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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price is up over 1% to $25.50. Investors have been buying the banking giant's shares today following the release of a bullish broker note out of Morgan Stanley. It has upgraded the bank's shares to an overweight rating with a $27 price target.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 6% to 17 cents. This has been driven by the release of an announcement relating to the direct lithium extraction (DLE) technology it plans to use for the Kachi project. Lake advised that Lilac Technologies' DLE technology has been proven successful through extensive field testing at the flagship project.
ResMed Inc (ASX: RMD)
The ResMed share price is up a further 4% to $24. This sleep treatment-focused medical device company's shares have been on fire in recent days after brokers urged investors to snap them up while they are cheap. ResMed's shares have been sold off recently amid concerns over the impact of weight loss drugs on demand.
Santos Ltd (ASX: STO)
The Santos share price is up 3% to $7.91. Investors have been buying Santos and other ASX energy shares today after oil prices raced higher overnight. The catalyst for this was a greater-than-expected reduction in US crude inventories. The S&P/ASX 200 Energy Index (ASX: XEJ) is up approximately 2.3% during today's session.
