The S&P/ASX 200 Index (ASX: XJO) is out of form and dropping deep into the red on Wednesday. At the time of writing, the benchmark index is down 0.75% to 8,565.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 4% to $3.87. This counter drone technology company's shares have been on fire this week after it announced a major increase to its research and development capabilities. Management revealed that it will make a $13 million+ initial investment into a brand new 3,000sqm production facility in Sydney's Alexandria. This will expand its own annual production capacity to $900 million by mid-2026 and a combined total annual manufacturing capacity to $2.4 billion by the end of 2026. DroneShield shares are now up over 400% since the start of the year.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is up 12% to 15.7 cents. This is despite there being no news out of the mineral exploration company. However, it is worth noting that rare earths shares are racing higher again today after Apple (NASDAQ: AAPL) announced a US$500 million deal With MP Materials (NYSE: MP). This will see the two parties develop a recycling line for rare earth materials. Meteoric Resources' flagship Caldeira Rare Earth Ionic Clay Project is the world's highest grade ionic absorption rare earth deposit.
Mount Gibson Iron Ltd (ASX: MGX)
The Mount Gibson Iron share price is up 7% to 32.2 cents. Investors have been buying the miner's shares after it announced its expansion into gold. Mount Gibson has signed a binding conditional agreement with Northern Star Resources Ltd (ASX: NST) to acquire its 50% interest in the Central Tanami Project Joint Venture (CTPJV) in the Northern Territory. Mount Gibson Iron is paying $50 million for the stake. The company's CEO, Peter Kerr, said: "This acquisition represents a compelling opportunity to enter the gold sector at an attractive price, with the sector having strong fundamentals. Involvement in the Central Tanami Gold Project provides Mount Gibson with an opportunity to leverage the success of its Koolan Island iron ore operation to establish the foundations of a gold production business."
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price is up almost 5% to 93.7 cents. This payments company's shares are rebounding on Wednesday after tumbling yesterday amid concerns over the RBA's plan to scrap card surcharge fees. Tyro's CEO, Jon Davey, doesn't believe this is bad news. He said: "We welcome the RBA's proposed payments updates, which aim to increase transparency and lower card costs for consumers and merchants. The RBA's proposal supports a holistic view of payments reform that benefits small businesses and creates opportunities for Tyro. We encourage the RBA to move with speed."
The post Why Droneshield, Meteoric Resources, Mount Gibson, and Tyro shares are charging higher appeared first on The Motley Fool Australia.
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 Apple, DroneShield, and Tyro Payments. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended MP Materials. The Motley Fool Australia has recommended Apple and Tyro Payments. 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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