You need to set the LVS_EX_DOUBLEBUFFER list LVS_EX_DOUBLEBUFFER style (applicable only to comctl32.dll version 6.0 (XP) and later)
[...] This advanced style also allows you to select the alpha-mixed selection of the systems where it is supported.
uses commctrl; .. ListView_SetExtendedListViewStyle(ListView1.Handle, LVS_EX_DOUBLEBUFFER);
It also works with the TShellListView component included as a demo. See this answer for how to find and install shell controls.
(PS: Remember to set Multiselect to true)
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