The S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down a further 1.1% to 8,079.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is up 3% to $9.94. Investors have been buying this alternative investment company's shares following the release of a bullish broker note out of Bell Potter. According to the note, the broker has upgraded HMC Capital's shares to a buy rating with an improved price target of $13.50. It said: "We think the share price pull-back provides an attractive entry point as the platform is reaching a scale and breadth sweet spot juncture which could see fee-earning capability increase further yet, and screens inexpensively vs. key global alternative AM and real estate fund manager peers."

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 2.5% to $1.26. Investors appear to believe that this energy producer's shares have been oversold this week. This follows news that energy producer has downgraded its full year guidance after being forced to shut down production from the Baúna Project. The company now expects Baúna production of 7.2 million barrels to 7.4 million barrels of oil (down from 7.5 million barrels to 7.7 million barrels).

Novonix Ltd (ASX: NVX)

The Novonix share price is up 4% to 63.5 cents. This is despite there being no news out of the battery materials and technology company. Though, it is worth noting that yesterday the company revealed that it is participating in the American Active Anode Material Producers' (AAAMP) petition to the U.S. Department of Commerce and the International Trade Commission. This is to investigate whether China is exporting natural and synthetic graphite used to make lithium-ion battery anode material at unfair prices to the United States.

Ventia Services Group Ltd (ASX: VNT)

The Ventia Services share price is up over 2% to $3.53. This follows news that the essential infrastructure services provider has signed a major expansion to its longstanding partnership with Telstra Group Ltd (ASX: TLS). Ventia Services has signed a five-year agreement to optimise the delivery of design, construct and maintenance of Telstra's critical digital infrastructure. It notes that the strategic partnership is expected to generate over $400 million in annual revenue over the next five years.