In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is under significant pressure following a hotter-than-expected inflation reading. At the time of writing, the benchmark index is down 1.35% to 7,662.6 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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Alligator Energy Ltd (ASX: AGE)
The Alligator Energy share price is up 6% to 6.25 cents. This follows the release of an update on the uranium developer's Samphire Uranium Project in South Australia. According to the release, the 2024 Blackbush resource extension and broader exploration drilling programs have recommenced at the Samphire Uranium Project. Alligator Energy's CEO, Greg Hall, commented: "Alligator is planning near-continuous Blackbush deposit resource extension drilling through this year, with a target to increase the resource and hence the potential annual production rate in a future feasibility study. […] Drilling and logging results will feed into a further update to the Blackbush resource estimate at year end."
Data#3 Ltd (ASX: DTL)
The Data#3 share price is up almost 4% to $7.71. Investors have been buying this leading Australian information technology services and solutions provider's shares thanks to a bullish broker note out of Morgan Stanley this morning. According to the note, in response to significant pullback from recent highs, the broker has upgraded Data#3's shares to an overweight rating with an $8.40 price target. The broker believes that its valuation looks more attractive following recent weakness. Particularly given the resilience of its end users.
Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is up 4% to $26.53. This has been driven by the release of the medical device company's FY 2024 results this morning. Fisher & Paykel Healthcare reported revenue of NZ$1.74 billion for the 12 months ended 31 March 2024. This represents a 10% increase over the previous financial year. Looking ahead, in FY 2025 management is guiding to revenue of between NZ$1.9 billion and NZ$2 billion, with a net profit after tax in the range of NZ$310 million and NZ$360 million.
IPD Group Ltd (ASX: IPG)
The IPD Group share price is up over 4% to $4.56. This follows the release of a guidance update from the electrical infrastructure products distributor this morning. IPD revealed that it expects to report EBITDA of $39 million to $39.5 million in FY 2024. This is up 41% to 42.5% from $27.7 million in FY 2023.
