The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep in the red. In afternoon trade, the benchmark index is down 1.2% to 7,943.2 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is up 5% to 91 cents. This has been driven by the release of a trading update from the online beauty retailer this morning. The company advised that it achieved unaudited revenue of $195.7 million in FY 2024. This represents a 7.4% increase on the prior corresponding period, which management believes is a strong result in a challenging retail environment. It also advised that its FY 2024 EBITDA margin is expected to be between 2.2% to 2.5%. This would mean EBITDA in the range of approximately $4.3 million to $4.9 million.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is up 2% to $33.77. This appears to have been driven by the release of a bullish broker note out of Goldman Sachs this morning. According to the note, the broker was pleased to see that management is now re-prioritising store unit economics over store growth. As a result, it has upgraded the pizza chain operator's shares to a buy rating with an improved price target of $42.20 (from $36.30). Goldman suggests that "refocusing on store unit economics to restart virtuous growth cycle."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 7% to $1.85. Investors have been buying the counter drone technology company's shares today despite there being no news out of it. However, with the company's shares crashing heavily this week on valuation concerns, it is possible that some investors believe that they have now reached a fair value again and have been jumping back in. Despite today's gain, DroneShield's shares are still down over 30% from their highest point this week. Though, they are also still up almost 400% since this time last year.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 6% to $5.79. This has been driven by the release of a trading update from the youth fashion retailer this morning. According to the release, Universal Store finished the financial year strongly. As a result, it expects to report group sales growth of 9.7% to $288.5 million in FY 2024. Underlying EBIT is expected to be in the range of $46 million to $47 million, which is up 13.9% to 16.3% year on year. Pleasingly, management notes that the strong momentum has continued into July.
