The S&P/ASX 200 Index (ASX: XJO) has run out of steam and is tumbling into the red on Thursday. In afternoon trade, the benchmark index is down 0.9% to 7,732.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is up 2% to 57 cents. This follows news that the medical technology company has been notified that it may utilise two existing Category III CPT codes for the reimbursement of CT LVAS technology in the United States. From today, CT LVAS scans conducted in a U.S. hospital outpatient facility for Medicare beneficiaries may be billed to Centers for Medicare & Medicaid Services (CMS) with a reimbursement of US$650.50. CEO and Founder Andreas Fouras said: "I am very excited by this progress in the commercialisation of our technology, and the positive impact this CPT code and associated reimbursement will have upon doctors and their patients."
Orica Ltd (ASX: ORI)
The Orica share price is up over 1% to $18.50. This follows the release of the commercial explosives company's half year results. Orica reported a statutory net profit after tax of $337.5 million for the six months. This is almost triple the $122.6 million recorded in the prior corresponding period. Though, it does include $158.4 million of profit from significant items after tax. Management advised that its "core blasting business continued to strengthen this half, supported by strong customer demand as well as increased earnings from high margin premium products and technology."
PSC Insurance Group Ltd (ASX: PSI)
The PSC Insurance share price is up 5% to $6.02. This follows news that the diversified insurance services provider has accepted a takeover offer. According to the release, PSC Insurance has entered into a binding scheme implementation deed with the Ardonagh Group. This will see the latter acquire all of the issued ordinary shares in PSC Insurance for $6.19 in cash per share. Its chairman said: "We believe this transaction maximises value for PSC shareholders while also providing an excellent platform for growth for PSC employees and clients."
REA Group Ltd (ASX: REA)
The REA Group share price is up over 1% to $187.09. Investors have been buying the property listings company's shares following the release of its third quarter update. The realestate.com.au operator reported a 24% increase in revenue to $334 million and a 30% lift in operating EBITDA to $177 million. These growth rates are stronger than what was achieved in the first half of FY 2024. CEO Owen Wilson said: "REA is well positioned for a strong finish to the financial year. The property market should continue to benefit from the belief that interest rates have reached, or are near the peak, providing buyers and sellers with confidence."
