In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower. At the time of writing, the benchmark index is down 0.4% to 8,795.1 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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Downer EDI Ltd (ASX: DOW)
The Downer EDI share price is up 2.5% to $7.09. This follows news that it has been awarded a new contract to deliver base and estate services to the Australian Department of Defence valued at approximately $3.05 billion over an initial term of six years. It notes that the Property and Asset Services (PAS) contract, part of Defence's Base Services Transformation program, commences in February 2026 and runs until 2032. However, there are two extension options of between one to three years each. A maximum term contract could see Downer delivering PAS for a total of 10 years. CEO of Downer, Peter Tompkins, said: "Downer is a long-standing Defence partner, and has been providing sustainment, infrastructure, and estate services for more than 80 years. We are proud of the role we play as the custodian of Defence estates, supporting the working environments that enable an agile and capable Defence force."
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is up 5% to $9.62. It is one of a number of ASX gold stocks charging higher on Thursday. So much so, the S&P/ASX All Ordinaries Gold index is up over 3% at the time of writing. In addition, it is worth noting that Bell Potter upgraded Evolution's shares to a buy rating with an improved price target of $10.55 on Wednesday.
Perenti Ltd (ASX: PRN)
The Perenti share price is up 5% to $2.52. This morning, this underground mining services company announced a new contract win. It has been awarded a four-year contract for underground mining services at the Dalgaranga Gold Project, which is now owned by Ramelius Resources Limited (ASX: RMS) following completion of its acquisition of Spartan Resources. The contract is estimated to be worth $300 million over the four years. Perenti's CEO, Mark Norwell, said, "Securing a four-year contract for underground mining at the Dalgaranga Gold Project is another strong result for Barminco. Several recent regional contract wins have built additional scale for the Barminco Australia business, which ultimately delivers benefits for both our clients and shareholders."
Service Stream Ltd (ASX: SSM)
The Service Stream share price is up 16% to $2.32. This follows the announcement of a $1.6 billion Base Services Contract from the Department of Defence. Managing director, Leigh Mackender, said: "Service Stream is extremely proud to be awarded this significant agreement with the Australian Department of Defence. As an Australian owned and operated company, we are honoured to earn the trust of Defence and believe this is an ideal strategic fit for Service Stream and its ongoing support of critical essential infrastructure throughout Australia."
