In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is running out of steam and has slipped into the red. The benchmark index is currently down a fraction to 7,792.3 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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Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up 1.5% to $20.86. This follows the release of a trading update this morning. The travel agent revealed that it expects to deliver record sales in FY 2024. Flight Centre CFO, Adam Campbell, advised that the company is on track to exceed the previous record total transaction value (TTV) of $23.7 billion it achieved in FY 2019. In addition, the company reaffirmed its profit guidance for the year. This will mean profit before tax (PBT) in the range of $300 million to $340 million for FY 2024. This is approximately triple FY 2023's PBT of $106 million.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine Entertainment share price is up over 1% to $1.51. This has also been driven by the release of a trading update. The entertainment and media company revealed solid performances across its businesses in FY 2024. This includes its Stan streaming service, which management "continues to expect growth in both revenue and EBITDA in FY24." In addition, Nine's Publishing business continues to benefit from the growth of digital audiences. This is expected to underpin digital subscription revenue growth in the low double digits in the second half.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 7% to $2.27. Investors have been buying this medical device company's shares following the release of a sales update. Polynovo advised that it had a record month of revenue in April thanks to strong growth across the business. The star of the show was its US business, which recorded monthly sales of A$6.9 million. This was an increase of 75% on the prior corresponding period. This ultimately led to Polynovo achieving record monthly group revenue of A$10.1 million, which represents a 68.6% increase on the same period last year.
QANTM Intellectual Property Ltd (ASX: QIP)
The QANTM share price is up 6.5% to $1.79. This has been driven by news that QANTM has received a takeover approach from rival IPH Ltd (ASX: IPH). It has made an unsolicited non-binding indicative proposal of 0.291 IPH shares and a fully franked special dividend of up to $0.11 cash per share. This implies an offer of $1.90 per share. This is a premium to another non-binding indicative offer that was tabled by Adamantem Capital. It offered to acquire QANTM for $1.817 per share by way of a scheme of arrangement.
