The S&P/ASX 200 Index (ASX: XJO) is having another tough session on Wednesday. In afternoon trade, the benchmark index is down a disappointing 1.2% to 8,099.7 points.
Four ASX shares that have not let that hold them back are listed below. Here's why they are rising:
The Appen share price is up 6% to $1.38. This is despite there being no news out of the artificial intelligence data services company today. However, it is worth noting that Appen's shares have lost over half of their value over the past couple of weeks. It is possible that some investors believe that this has been overdone and created an attractive entry point. The catalyst for this selling has been the release of its underwhelming full year results at the end of last month.
The Clarity Pharmaceuticals share price is up 3% to $3.06. This morning, this pharmaceutical company released two positive announcements. This first announcement revealed that it has completed the Dose Escalation Phase of the SECuRE trial and the Safety Review Committee (SRC) has recommended the trial progress to the Cohort Expansion Phase (Phase II). The second announcement advised that Clarity Pharmaceuticals has signed a new agreement with The University of Queensland advanced imaging at the Australian Institute for Bioengineering and Nanotechnology. This is for the supply of copper-64 isotope, which will support clinical trials with 64Cu-SAR-bisPSMA in Australia.
The Qantas share price is up 1.5% to $10.35. This may have been driven by another decline in oil prices overnight. Oil prices dropped to six-month lows, which is good news for the airline operator's fuel costs. This latest gain means that the Flying Kangaroo's shares are now up by a whopping 100% since this time last year. This has been driven by its strong performance and the re-rating of its shares to higher multiples to reflect its structurally stronger earnings.
The Resolute Mining share price is up over 5% to 39 cents. This follows a rise in the gold price overnight following weakness in the US dollar and increased demand for safe haven assets. It is also worth noting that Resolute Mining was named as a gold miner to buy by analysts at Macquarie on Tuesday. It put an outperform rating and 45 cents price target on its shares. This implies potential upside of 15% for investors from current levels.
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