In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down slightly to 8,554.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up a further 12% to $9.55. Investors have been buying this quick service restaurant operator's shares since the release of its full year results for FY 2025. Collins Foods reported a 2.1% increase in sales to $1,519.5 million but a 14.8% decline in underlying net profit after tax to $51.1 million. However, the latter was ahead of the $44.3 million that analysts at Macquarie were expecting. It also guided to net profit after tax growth in the low to mid-teens for FY 2026. In response, Macquarie said: "FY25 result a strong beat. Momentum is turning across key geographies, with positive FY26TD comps in Australia and Germany."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 23% to $2.20. This has been driven by news that the counter drone technology company has received its single largest order in its history. The company advised that it has received a package of three standalone follow-on contracts worth $61.6 million. These are from its privately owned in-country European reseller that is contractually required to distribute the products to a European military customer. DroneShield's CEO, Oleg Vornik, said: "In succession to the $32.2 million repeat order announced on 14 April 2025 for another customer, DroneShield products are now being purchased in material quantities. The scale and frequency of orders has been increasing as leading Military customers are moving from testing hardware to broader rollouts. DroneShield is well placed to meet the increasing demand."
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is up 8% to 13.5 cents. This follows news that the casino and resorts operator's shareholders have approved a $300 million rescue package that aims to stop it going bust. Management said: "The strategic investments by Bally's and Investment Holdings provide cash funding and assist The Star's ability to continue as a going concern, helping to avoid outcomes such as voluntary administration, which is likely not to be in the best interests of shareholders."
Virgin Australia Holdings Ltd (ASX: VGN)
The Virgin Australia share price is up 3% to $3.33. This airline operator's shares are taking off again after a successful debut on the ASX boards on Tuesday. The company's IPO raised $685 million via the sale of 236.2 million shares at $2.90 per new share. This means that its shares are now up almost 15% from its listing price.
