In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.65% to 8,753.8 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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4DMedical Ltd (ASX: 4DX)
The 4D Medical share price is up 38% to $1.06. Investors have been buying this respiratory imaging technology company's shares this week after it announced that its ventilation-perfusion product, CT:VQ, has received U.S. Food and Drug Administration (FDA) 510(k) clearance. It has then followed this up with another big announcement this morning. 4D Medical revealed that the U.S. Centers for Medicare & Medicaid Services (CMS) have confirmed that reimbursement for the groundbreaking software falls under Category III Current Procedural Terminology (CPT) codes 0721T and 0722T, and will be paid at US$650.50 per scan, effective immediately. Management believes that this is "accelerating the path to broad market adoption."
COG Financial Services Ltd (ASX: COG)
The COG Financial Services share price is up over 7% to $1.88. This morning, this financial services company announced an agreement to acquire salary packaging and novated leasing business EasiFleet for $40 million. This represents a multiple of 6 times FY 2025 EBITDA on a post synergies basis. COG's CEO, Andrew Bennett, said: "With the acquisition of EasiFleet, the Paywise Group now holds contracts with Western Australia, Northern Territory, Tasmania, Queensland and the Australian Capital Territory Governments. This national coverage enables the Group to provide novated leasing and salary packaging services to a significant proportion of the Australian public sector workforce."
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up a further 1.5% to $10.41. This KFC restaurant operator's shares have been racing higher this week following the release of a trading update. 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. In response to the update, this morning Morgans retained its buy rating on the company's shares with an improved price target of $12.20 (from $10.10).
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 4% to 12 cents. This morning, this mineral exploration company announced a material improvement in project economics for its 100%-owned Rhyolite Ridge Lithium-Boron Project. This includes a 38% increase in unlevered life of mine NPV to US$1,888 million. Managing Director Bernard Rowe said: "Reducing the leach retention time to two days has allowed us to mine and process 25% more ore annually due to the more efficient use of our sulphuric acid. This has resulted in a material increase in production volumes of both lithium and boron chemicals. Importantly, this material improvement does not require additional capital expenditure or change to plant design."
