In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.5% to 7,625.1 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Catapult Group International Ltd (ASX: CAT)
The Catapult Group share price is up 11% to $1.72. Investors have been buying this sports technology solutions provider's shares following the release of a strong full-year result for FY 2024. Catapult reported a 20% increase in revenue to a record of US$100 million. This was underpinned by accelerating SaaS revenue, which increased by 24% to US$82 million. Another big positive was that Catapult delivered on its guidance to generate positive free cash flow (FCF) in FY 2024. It generated FCF of US$4.6 million, which represents a sizeable US$26.2 million improvement year on year.
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is up 4% to $4.78. This morning, this clinical-stage radiopharmaceutical company announced that it has entered into a supply agreement with SpectronRx for the production of Cu-64. Management notes that Cu-64 has an ideal 12.7-hour half-life that helps to overcome the overwhelming supply restraints of current-generation radiodiagnostics. This significantly reduces the scheduling strain on imaging centres, as well as enhancing product performance with longer imaging timepoints.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is up a further 3% to $119.68. Investors have been buying this health imaging company's shares this week after it announced five new contracts with a combined minimum contract value of $45 million. Management advised that the contracts will be fully cloud deployed and are expected to be completed within the next 6 months. Goldman Sachs responded positively to the news. Its analysts reiterated their buy rating and lifted their price target on Pro Medicus' shares to $136.00.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 3% to $6.09. This may have been driven by another note out of Goldman Sachs. This morning, the broker reiterated its buy rating and $8.05 price target on the airline operator's shares. It said: "The discounted valuation versus peers and its own history implies that the market is pricing in a trade off between investment (fleet and customer) and capital returns (dividends & buybacks), which we view as a buying opportunity."
