In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and sinking into the red. The benchmark index is currently down 0.8% to 8,142.4 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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Insignia Financial Ltd (ASX: IFL)
The Insignia Financial share price is up 3.5% to $2.72. This morning, this financial services company revealed that OnePath Custodians, together with Zurich Australia and ANZ Group Holdings Ltd (ASX: ANZ), have reached an agreement to settle the class action commenced by Slater and Gordon in December 2020 for a total of $50 million. Its OnePath Custodians business will contribute $22 million to the settlement. It notes that the settlement is subject to court approval and is made without any admission of liability or wrongdoing by any of the respondents.
Light & Wonder Inc (ASX: LNW)
The Light & Wonder share price is up 7% to $140.04. This follows the release of an update on the Dragon Train litigation, which caused a selloff last month. Aristocrat Leisure Limited (ASX: ALL) recently secured an injunction against this game, preventing its sale and operation. Management notes that Dragon Train accounts for 2,200 of its 33,000 leased units in North America. It is now working to convert these games and notes that it has not received a single removal request. In light of this, it continues to believe that it will deliver on its 2025 earnings guidance of US$1.4 billion.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up a further 11% to a 52-week high of $1.50. This is despite there being no news out of the biotechnology company. However, it seems that investors are expecting some good news to be released by Mesoblast in the near future. This is likely to be in relation to its remestemcel-L product, which is seeking approval for the treatment of children with steroid-refractory acute graft versus host disease (SR-aGVHD). Mesoblast's shares are now up approximately 50% since this time last month.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3% to $26.83. Investors have been buying Woodside and other ASX energy stocks on Friday following a jump in oil prices overnight. According to Bloomberg, the WTI crude oil price was up 5.2% to US$73.78 a barrel and the Brent crude oil price was up 5.1% to US$77.65 a barrel. This was driven by fears that Israel could strike Iran's oil industry in retaliation for ballistic missile attacks earlier this week.
