The S&P/ASX 200 Index (ASX: XJO) is out of form again on Tuesday and trading lower. At the time of writing, the benchmark index is down 0.25% to 8,907 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 7% to $10.30. Investors have been buying the KFC restaurant operator's shares following the release of a trading update ahead of its annual general meeting. Collins Foods revealed that for the first 18 weeks of FY 2026, total company sales were up 6.7% on prior corresponding period. This was driven by KFC same store sales growth in all markets. Commenting on its performance, Collins Foods' CEO, Xavier Simonet, said: "Collins Foods' positive same-store sales momentum which began in the second half of FY25, has continued into the early periods of FY26, with sales growth accelerating in all markets. […] Improved sales, lifting labour productivity, reducing food wastage, disciplined cost management and deflation in some commodities are all contributing to margin expansion."
Invictus Energy Ltd (ASX: IVZ)
The Invictus Energy share price is up 29% to 23.2 cents. This morning, this energy explorer announced that National Project Status (NPS) has been granted to its Cabora Bassa Project in Zimbabwe. It notes that NPS provides significant fiscal and non-fiscal benefits and incentives to assist advancing Cabora Bassa towards commercialisation. Invictus' managing director, Scott Macmillan, commented: "This recognition underscores the strategic importance of our discovery and the potential it holds to transform Zimbabwe's energy landscape."
NRW Holdings Limited (ASX: NWH)
The NRW Holdings share price is up almost 9% to $4.13. This follows news that the contract services provider has executed a binding agreement to acquire 100% of Fredon Industries for an enterprise value of up to $200 million, on a debt free cash free basis. Fredon has been around since 1968 and is a leading national provider of Electrical, Mechanical (HVAC), Infrastructure, Technology and Maintenance services (EMIT). Management notes that Fredon has clear visibility on FY 2026 forecast earnings and is expected to generate revenue of ~$840 million and EBIT of ~$40 million.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 8% to $1.42. This has been driven by an update on the impacts of proposed changes to U.S. Medicare Reimbursement for outpatient wound care. Polynovo's acting CEO, Dr Robyn Elliott, said: "The majority of PolyNovo's current business has to date been inpatient product application. Outpatient product application, the focus of the CMS proposed changes, is a significant potential growth area for PolyNovo's products. We are currently assessing the optimal commercial model for accessing this market opportunity."
