In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and dropped deep into the red. At the time of writing, the benchmark index is down 1.5% to 6,662.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Actinogen Medical Ltd (ASX: ACW)
The Actinogen share price has jumped 28% to 12.3 cents. Investors have been buying this biotechnology company’s shares after it announced positive Alzheimer’s Disease clinical results. The new clinical results show that Actinogen’s Xanamem product had a therapeutic effect in patients with a biomarker-positive blood profile.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 1% to $1.17. This follows news that Core Lithium has transitioned from being a lithium developer to a lithium miner following the official opening of its Finniss Lithium mine. This makes it the first operating mine in the Northern Territory and Australia’s only lithium mine outside Western Australia.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up over 2% to $17.71. This is despite news that Morgans has downgraded the iron ore miner’s shares to a reduce rating and cut the price target of them to $14.50. However, it is worth noting that a number of materials shares are outperforming today.
Galileo Mining Ltd (ASX: GAL)
The Galileo Mining share price has jumped 14% to $1.37. This morning this nickel explorer announced that four RC drill holes completed 400 metres north of the Callisto discovery have intersected disseminated nickel sulphide mineralisation up to 51 metres thick. Management notes that the results confirm Galileo’s geological model that the five kilometres of ground to the north of Callisto is highly prospective for new discoveries.
The post Why Actinogen, Core Lithium, Fortescue, and Galileo Mining shares are pushing higher appeared first on The Motley Fool Australia.
.
More reading
- Guess which ASX biotech share just rocketed 56% on new Alzheimer’s drug trial results
- Fortescue share price shrugs off ASX 200 rout to leap higher on Monday
- Core Lithium share price rebounds higher after lithium mine officially opens
- Morgans names the ASX 200 mining shares to buy and sell
- Core Lithium share price lower despite big news
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/MjwDY6T
Leave a Reply