In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is under pressure and edging lower. At the time of writing, the benchmark index is down slightly to 7,333.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Electro Optic Systems Hldg Ltd (ASX: EOS)
The Electro Optic Systems share price is up 3% to $4.18. This follows the announcement of a series of new contract wins. According to the release, Electro Optic Systems has been awarded $20 million worth of contracts with the Australian Defence Force. The contracts cover advanced technology research and development activities in electro-optic sensors, EM Solutions Cobra terminals, and sustainment. These contracts will be delivered over the next 24 months under standard payment terms.
Integrated Research Limited (ASX: IRI)
The Integrated Research share price has jumped 10% to $2.16. Investors have been buying the performance management software company’s shares following the release of an update after the market close yesterday. Integrated Research expects to report full year revenue and profit ahead of its guidance in FY 2021. Management advised that this outperformance was driven by a number of new contract signings and renewals that closed toward the end of the reporting period.
Michael Hill International Ltd (ASX: MHJ)
The Michael Hill share price is up 5% to 85.5 cents. This follows the release of the jewellery retailer’s fourth quarter update this morning. Michael Hill advised that quarterly same store sales were up 7.5% against the prior year and up 116.3% on an all store sales basis.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 4% to $2.15. This follows a positive response to its fourth quarter update from a number of brokers. One of those was the team at Bell Potter. This morning the broker retained its buy rating and lifted its price target on the coal miner’s shares to $2.50. It believes the current strength in thermal coal markets and ongoing strong performance at Maules Creek should enable the company to rapidly deleverage its balance sheet.