Why Computershare, Lithium Plus, Lynas, and ResApp shares are pushing higher


In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 6,660.3 points.

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

Computershare Limited (ASX: CPU)

The Computershare share price is up 3% to $24.27. This appears to have been driven by a broker note out of Ord Minnett. Its analysts have upgraded the administration services company’s shares to an accumulate rating with a $26.00 price target. The broker believes that rising interest rates will be a positive for Computershare.

Lithium Plus Minerals Ltd (ASX: LPM)

The Lithium Plus share price is up 36% to 40 cents. This morning the lithium explorer advised that its mining management plan for the flagship Bynoe Lithium Project has been approved. As a result, the company has appointed Darwin-based drilling contractor, GeoDrilling, to undertake an initial program of approximately 10,000 metres of Reverse Circulation drilling.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is up 4.5% to $8.91. The catalyst for this appears to have been a broker note out of Macquarie. This morning it reiterated its outperform rating and $12.80 price target on this rare earths producer’s shares. This was in response to the company’s update on Tuesday, which revealed that it has been awarded a US$120 million contract by the US government to build a heavy rare earths facility.

The ResApp share price is up a further 6% to 17.5 cents. This digital health company’s shares have been racing higher this week after pharmaceutical giant Pfizer improved its takeover offer. Pfizer agreed to increase its offer from 11.5 cents per share in cash to either 14.6 cents or 20.7 cents per share. The ultimate price will depend on the results of a clinical validation study, which investors appear to believe will be successful.

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