In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is on course to record a decline. At the time of writing, the benchmark index is down 0.2% to 8,002.9 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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Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 5% to $1.70. Investors have been buying this defence and space company's shares after it announced an update on its first half performance. EOS achieved unaudited first half revenue of approximately $142.6 million. This represents an increase of 92% on the $74.3 million that it recorded in the prior corresponding period. Management advised that this was driven by growth across all businesses. This includes the impact of accelerating production and delivery of remote weapons systems under an existing contract with a customer in the Middle East, growth in the EM Solutions business, and growth in the Space Technologies business.
Hub24 Ltd (ASX: HUB)
The Hub24 share price is up 1.5% to $47.06. This morning, this investment platform provider released its fourth quarter update and revealed further strong growth. Hub24 reported that its platform funds under administration (FUA) increased to $84.4 billion during the fourth quarter. This represents a 6% quarter on quarter increase and a 35% improvement on the prior corresponding period. This reflects record quarterly net inflows of $5 billion, which was up 138% on the prior corresponding period. For the 12 months, the company also reported a record year of net inflows. They came in at $15.8 billion, which is up 62% on the prior corresponding period.
Integrated Research Limited (ASX: IRI)
The Integrated Research share price is up 12% to 95 cents. This has been driven by the release of the performance management solutions provider's trading update this morning. It revealed a strong rebound in total contract value (TCV), statutory revenue, and EBITDA. The latter is now expected to be at the upper end of its previous guidance. Management believes the result provides a platform for a strategic shift to product-led growth. It also announced that its CEO, John Ruthven, will be stepping down. The company felt that the "timing is right for new leadership and CEO transition."
Kingsgate Consolidated Limited (ASX: KCN)
The Kingsgate share price is up almost 2% to $1.69. This morning, this gold miner announced that it has entered into definitive loan documentation for a US$35 million term facility with Nebari Gold Fund and Nebari Natural Resources Credit Fund. The funds will be available for drawdown following satisfaction of conditions precedent that are standard for a facility of this nature. Management notes that the funding will enable it to consolidate its existing debt, repay preference shareholder loans, ensure timely delivery of new mining equipment, and expand the aggressive near mine and regional exploration programs.
