In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. The benchmark index is currently down 0.9% to 7,272.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is up 9% to $2.28. Investors have been buying this baby products retailer's shares after analysts at Morgans upgraded them to an add rating with a $2.50 price target. The broker made the move after increasing its earnings estimates to reflect cost reductions and a better sales outlook.
Carsales.Com Ltd (ASX: CAR)
The Carsales share price is up 6% to $26.11. This follows the release of the auto listings company's FY 2023 results. Carsales reported an 18% increase in pro forma revenue and a 43% lift in adjusted net profit after tax to $278.2 million. Looking ahead, management expects "to deliver good growth in Revenue and [pro forma] EBITDA in FY24" and an "expansion in the carsales Group EBITDA margin."
GWA Group Ltd (ASX: GWA)
The GWA share price is up 7% to $2.06. This has been driven by the release of the building fittings company's full-year results. GWA reported a 22.7% increase in statutory net profit to $43.2 million. Management commented: "GWA delivered a solid result for FY23 within a rapidly evolving operating environment that comprised two distinct halves."
Imugene Limited (ASX: IMU)
The Imugene share price is up 3.5% to 9.2 cents. This morning, this immuno-oncology company announced that its Phase 1 MAST (metastatic advanced solid tumours) trial evaluating the safety of novel cancer-killing virus CF33- hNIS (VAXINIA) has cleared the cohort 3 intratumoral (IT) arm of the monotherapy dose escalation study.
