The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Wednesday. In afternoon trade, the benchmark index is down 0.25% to 7,705.2 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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DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 3.5% to 71 cents. Investors have been buying the counter drone technology company's shares this week after Bell Potter upgraded them to a buy rating with a 90 cents price target. It made the move on valuation grounds following a sharp pullback this month.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 8.5% to $9.26. This follows the release of the fund manager's latest funds under management (FUM) update. Magellan reported a 2.5% month on month increase in FUM to $37.2 billion. This was despite recording net outflows of $200 million for the period.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is up 2% to $1.20. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has taken its sell rating off its shares and upgraded them to a hold with an improved price target of $1.13 (from 84 cents). Bell Potter was pleased with an update from the fund manager's new CEO, which addressed many of its concerns.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 7% to $1.20. This is despite there being no news out of the payments company today. However, it is worth noting that its shares have been on fire recently thanks to a much-improved operational performance. So much so, the Zip share price is up almost 300% in the space of six months.
