In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.3% to 8,993.3 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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Clinuvel Pharmaceuticals Ltd (ASX: CUV)
The Clinuvel Pharmaceuticals share price is up 8% to $12.97. This morning, this biopharmaceutical company announced a plan to upgrade its Nasdaq listing before the end of 2025. Clinuvel's managing director, Dr Philippe Wolgen, said: "We believe this initiative will significantly broaden CLINUVEL's visibility and trading access in the United States. Recent engagement with U.S. institutional investors has confirmed growing interest in CLINUVEL's profile as one of the very few profitable biopharmaceutical companies."
Cuscal Ltd (ASX: CCL)
The Cuscal share price is up 26% to $3.71. This follows the release of the payments and regulated data services provider's full year results. Cuscal reported a pro forma net profit after tax of $38.4 million, which was up 17% and ahead of its prospectus forecast. Cuscal Managing Director, Craig Kennedy said: "We are pleased to deliver a strong maiden full year result since listing, exceeding our Prospectus profit forecast driven by growth in transaction-based revenue across all our core capabilities."
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 5% to $4.95. Investors have been buying this defence and space company's shares after it released its half year results and posted a $46 million profit after tax. This doesn't include the world's first export sale contract to deliver a high-energy 100kW laser system to a European NATO Member State, which was announced on 5 August 2025. That order is valued at 71.4 million euros (approximately A$125 million). This morning, management noted that it continues "to deal with enquiries from several potential future customers for High Energy Laser Weapon products."
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 18% to $3.68. This has been driven by the release of the buy now pay later provider's FY 2025 results. Zip was on form once again and reported a 30.3% lift in total transaction value to $13.1 billion and a 147% lift in cash EBTDA to $170.3 million. Commenting on its performance, Zip's CEO, Cynthia Scott, said: "It has been a defining year for Zip with cash earnings growing by 147.0% to $170.3m. We achieved several milestones including delivering over $1b in total income and our US business generated over US$100m of cash earnings. Disciplined execution and strong unit economics underpinned our performance, with Group operating margin almost doubling within 12 months to 15.8%."
