The S&P/ASX 200 Index (ASX: XJO) is having a tough finish to the week. In afternoon trade, the benchmark index is down 1.15% to 8,838 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Catapult Sports Ltd (ASX: CAT)
The Catapult Sports share price is up over 7% to $3.91. This morning, this sports technology company was the subject of a bullish broker note out of Bell Potter. The broker has retained its buy rating on Catapult's shares with a trimmed price target of $4.85. It said: "Catapult remains one of our preferred tech stocks amongst the mid caps (along with Gentrack). We note Catapult is likely to come out of the S&P/ASX 200 at the next rebalance later this month but remain in the S&P/ASX 300. This could be viewed as a negative catalyst but in our view is already largely expected so should not come as a surprise."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 6% to $3.93. This appears to have been driven by optimism that demand for this counter-drone technology company's products could increase strongly. The war in the Middle East this week has emphasised just how important counter-drone technology has become. Following today's gain, DroneShield shares are now up over 360% since this time last year.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 1.5% to $1.84. Investors have been buying this energy producer's shares following another strong rise in oil prices. Traders have been bidding oil prices up above US$80 per barrel this week in response to the war in the Middle East. There are concerns over supply disruption due to Iran closing the Strait of Hormuz. Approximately 20% of global oil supplies pass through the narrow shipping lane.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up 6% to $50.44. This is despite there being no news out of the logistics software company. However, it is worth noting that tech stocks are rising strongly today despite the market weakness. It seems that some investors are rotating out of high-performing areas into beaten down parts of the share market. This has seen the S&P/ASX All Technology Index rise 3.3% on Friday afternoon.
