In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form again and tumbling lower. At the time of writing, the benchmark index is down 1.5% to 6,961 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up almost 1% to $102.31. This follows the release of the banking giant’s third-quarter update. For the three months ended 31 March, compared to the quarterly average during the first half, CBA reported a 1% decline in operating income to $6,103 million and flat cash earnings of $2,400 million. The latter was 9% ahead of the analyst consensus estimate.
Incannex Healthcare Ltd (ASX: IHL)
The Incannex Healthcare share price is up 11% to 40.5 cents. This morning the medicinal cannabis focused pharmaceutical company announced that it has entered into an agreement to acquire APIRx Pharmaceuticals. Based in the United States, APIRx is a leading pharmaceutical company specialising in cannabinoid active pharmaceutical ingredients and drug products.
Judo Capital Holdings Ltd (ASX: JDO)
The Judo Capital share price is up 7% to $1.74. This follows a positive reaction to the bank’s investor day update from a number of brokers. One of those brokers was Macquarie, which upgraded Judo Capital’s shares to an outperform rating with an improved price target of $2.15. Its analysts believe the company is well-placed to deliver above system growth over the coming years.
Orica Ltd (ASX: ORI)
The Orica share price is up 6% to $16.65. Investors have been buying this commercial explosives company’s shares following the release of its half-year results. Orica reported a 25% increase in revenue to $3,277 million. And while it posted a net loss after tax of $85 million, this was driven partly by a large tax expense. Underlying earnings before interest and tax was up 58% to $245 million.