The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. In afternoon trade, the benchmark index is down 0.25% to 7,633.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Coles Group Ltd (ASX: COL)
The Coles share price is up 5.5% to $16.76. This follows the release of the supermarket giant's half-year results. Coles reported a 3.7% increase in sales revenue to $22.2 billion and a 4.1% lift in underlying EBITDA to $1.9 billion. Management also revealed that the second half has started strongly with supermarket sales up 4.9% during the first eight weeks of the third quarter.
G8 Education Ltd (ASX: GEM)
The G8 Education share price is up almost 12% to $1.25. This morning, this childcare operator released its full year results and reported a 9.1% increase in revenue to $983.4 million and a 53.1% jump in statutory net profit after tax to $56.1 million. G8 Education's second half performance was significantly stronger than the first, which bodes well for FY 2024.
Helia Group Ltd (ASX: HLI)
The Helia share price is up 11% to $4.82. This follows the release of the mortgage insurance company's FY 2023 results. Helia reported statutory net profit after tax growth of 37% to $275.1 million and underlying net profit after tax growth of 7% to $247.7 million. This allowed the company to declare a fully franked final dividend of 15 cents per share and an unfranked special dividend of 30 cents per share.
Reece Ltd (ASX: RCE)
The Reece share price is up almost 16% to $27.87. Investors have been buying the plumbing parts company's shares after it delivered a stronger than expected half-year result. Reece revealed a 2.5% lift in sales revenue to $4,537 million and a 6% increase in adjusted net profit after tax to $224 million. A fully franked interim dividend of 8 cents per share was declared.
