The S&P/ASX 200 Index (ASX: XJO) is having another underwhelming session on Wednesday. In late trade, the benchmark index is down 0.2% to 7,247.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price is up 6% to $8.82. This follows the release of the computer hardware and software distributor’s first-quarter update. For the three months ended 31 March, Dicker Data delivered a 14.7% increase in total revenue to $772.3 million and 6.7% lift in net profit before tax to $25.4 million.

Ioneer Ltd (ASX: INR)

The Ioneer share price is up 8.5% to 38.5 cents. This morning, this emerging lithium-boron producer announced a commercial offtake agreement partnership with Dragonfly Energy Holdings Corp (NASDAQ: DFLI). The agreement between the two Nevada-based companies is expected to provide Dragonfly with a domestic supply of lithium carbonate, a critical component in lithium iron phosphate battery cells.

Monadelphous Group Ltd (ASX: MND)

The Monadelphous share price is up 3% to $13.27. This appears to have been driven partly by a reasonably positive broker note out of Citi. According to the note, the broker has taken its sell rating off the engineering company’s shares and upgraded them to a neutral rating with an improved price target of $12.80.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 8.5% to $7.57. This is despite there being no news out of the semiconductor company. This appears to have been driven by day traders and message board hype. Time will tell if Weebit Nano is yet another meme stock that investors eventually get burned with, but I wouldn’t bet against that happening.

The post Why Dicker Data, Ioneer, Monadelphous, and Weebit Nano shares are rising appeared first on The Motley Fool Australia.

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More reading

• Here’s why this ASX tech share is storming 6% higher on Wednesday
• These ASX income shares have very big forecast dividend yields
• 3 ASX lithium shares to buy right now: Wilsons
• 3 ASX 300 shares being bought up by insiders
• Brokers say buy these ASX dividend stocks for their big fully franked yields

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 positions in and has recommended Dicker Data. The Motley Fool Australia has positions in and has recommended Dicker Data. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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