In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down slightly to 8,138.6 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Austal Ltd (ASX: ASB)
The Austal share price is up 5% to $2.84. This appears to have been driven by a broker note out of Bell Potter this morning. It was pleased with news that Austal has received a US$450 million contract from General Dynamics Electric Boat to expand its shipyard by designing and constructing a new module fabrication and outfitting facility to support the U.S. Navy Submarine Industrial Base. Bell Potter believes this is a significant development that will diversify its shipbuilding operations, drive long-term revenue growth, and reinforce its position as a key contributor to the US naval industrial base. It has put a buy rating and $3.15 price target on its shares.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 5% to 10 cents. This morning, the miner released drilling results from the 100%-owned Shoobridge Project in the Northern Territory. A total of 28 reverse circulation (RC) drill holes covering 3,535 metres were completed at Shoobridge during July and August, targeting gold and lithium across five prospects. Management notes that shallow gold mineralisation was intersected, including a standout intercept of 2m @ 12.9g/t Au from 54 metres. The good news is that it believes the best gold targets are still yet to be drilled.
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price is up 3% to $9.82. This may have been driven by a broker note out of Macquarie this morning. Its analysts have upgraded the energy giant's shares to an outperform rating with a $10.43 price target. While forward electricity prices are still likely to be higher in FY 2026, the broker notes that the cost of coal is headed back toward FY 2024 levels. This bodes well for Origin and its dividends. In fact, Macquarie is expecting a generous 6% dividend yield from its shares.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is up 8% to 2.6 cents. Investors have been buying this lithium miner's shares following the release of an investor update this morning. Sayona Mining's presentation talked up its North American operations and confirmed that it expects NAL to produce 190kt to 210kt of lithium in FY 2025. It also spoke positively about the Moblan project. It notes that the exceptional increase in "mineral resources at Moblan reflects the addition and integration of all the drilling results from the 2023 program and from a major revision of the geological model."
