The S&P/ASX 200 Index (ASX: XJO) is having another tough session. In afternoon trade, the benchmark index is down 0.6% to 7,577.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Inghams Group Ltd (ASX: ING)
The Inghams share price is up 4% to $4.49. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded this poultry producer's shares to a buy rating with a $4.90 price target. It said: "Feed cost deflation looks likely to become a tailwind in FY25e based on recent crop price movements and improved 2023-24 winter cropping prospects."
Janison Education Group Ltd (ASX: JAN)
The Janison share price is up 48% to 38.5 cents. Investors have been buying this education technology company's shares after it announced an agreement with the New South Wales Department of Education and Cambridge University Press & Assessment. Management expects the agreement to generate revenue of up to $45 million over the initial five-year term.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is up 13.5% to 75.5 cents. This has been driven by the release of a trading update from the department store operator. Myer advised that total sales for the first half of FY 2024 are expected to be down 3% on the prior corresponding period to $1,829.1 million. In addition, net profit after tax is expected to be $49 million to $53 million. While this will be down from $65 million, it appears to be better than feared.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is up almost 18% to $14.13. This follows the release of the furniture retailer's half year results. Nick Scali reported a 20% decline in revenue to $226.6 million and a 29% reduction in net profit after tax to $43 million. The latter was ahead of its guidance.
