In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 1.4% to 7,019.4 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 EOS share price is up 2.5% to $1.98. Investors have been buying this defence and space systems company’s shares after it revealed the successful development of a new drone defence system. EOS’ directed energy drone defence system uses a powerful laser to disable Group 1 drones at an effective rate of 20 drones/minute at ranges beyond 1,000 metres.
Pendal Group Ltd (ASX: PDL)
The Pendal share price is up over 6% to $5.24. This follows the release of the fund manager’s half year results this morning. That release revealed that Pendal delivered a 59% increase in underlying profit after tax over the prior corresponding period to $131.4 million. A key driver was the acquisition of US investment management firm Thompson, Siegel & Walmsley.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has jumped 17% to $1.09. The catalyst for this was news that the heavily shorted medical device company’s chairman, David Williams, has bought shares on-market again. Hot on the heels of purchases at the end of last week, Mr Williams added a further 250,000 (indirectly owned) shares through an on-market trade on Monday.
Xero Limited (ASX: XRO)
The Xero share price is up over 3% to $87.05. This morning this cloud accounting platform provider’s shares were given a boost from a bullish broker note out of RBC Capital. According to the note, the broker has upgraded the company’s shares to an outperform rating with a $130.00 price target. RBC made the move after a survey of accountants demonstrated that there’s scope for Xero to raise prices with minimal churn.