The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday. In afternoon trade, the benchmark index is down 1.5% to 7,196.5 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Bapcor Ltd (ASX: BAP)
The Bapcor share price is up 6% to $6.81. Investors have been buying this auto parts retailer's shares following the release of its FY 2023 results. Bapcor reported a 9.7% increase in revenue to a record $2 billion. And while its underlying net profit after tax dropped 4.8% to $125.3 million, that hasn't put off investors. Particularly with management expecting a "solid underlying performance" in FY 2024.
Codan Limited (ASX: CDA)
The Codan share price is up over 4% to $7.99. Although Codan has delayed its full-year results release due to illnesses in its audit team, it has provided an update on its performance in FY 2023. Unaudited group revenue was down 10% and net profit after tax was down 35% to $65 million. The market appears to have been expecting a bigger earnings decline.
Mirvac Group (ASX: MGR)
The Mirvac share price is up 4% to $2.37. This morning, this property company released its full-year results and revealed earnings in line with guidance. Mirvac's operating earnings came in at 14.7 cents per share. Looking ahead, management expects a small decline in operating earnings in FY 2024 to 14 to 14.3 cents per share.
Pact Group Holdings Ltd (ASX: PGH)
The Pact share price is up 6.5% to 81 cents. Investors have been buying this packaging company's shares following the release of its FY 2023 results. Pact reported a 6% increase in revenue to $1,949 million and a 36% decline in net profit after tax to $45 million.
