The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down 0.3% to 8,925.3 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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Eden Innovations Ltd (ASX: EDE)
The Eden Innovations share price is up 22% to 22 cents. Investors have been buying the concrete admixture developer after it announced the EdenShield division. It is a new dedicated Defence, Military and Infrastructure division. Management advised that it has been created to commercialise the company's product suite across critical infrastructure and national security applications. This includes drones, data centres, bunkers, military bases, hospitals, and defence-related buildings. Eden Innovations' executive chair, Greg Solomon, said: "The establishment of EdenShield represents a significant strategic step for Eden as we position our technologies to address the rapidly growing global demand for defence capability and infrastructure resilience."
Elsight Ltd (ASX: ELS)
The Elsight share price is up almost 6% to $7.19. This may have been driven by a broker note out of Bell Potter this morning. This morning, the broker retained its buy rating on the shares of the supplier of communication modules to drone manufacturers with an improved price target of $8.00 (from $5.80). It said: "We retain Buy. We believe ELS has developed a market leading product that is leveraged to the proliferation of unmanned systems in both a defence and commercial context. We believe ELS shares offer relative value versus listed peers at 43x CY26e EV/EBIT given its recurring revenue, high ROIC business model and defensible niche."
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 3% to $14.57. This morning, this uranium producer released an update on its performance in FY 2026. It advised that its Langer Heinrich Mine (LHM) has achieved year-to-date FY 2026 production of 3.6Mlb U3O8. As a result, management now expects U3O8 production of 4.5Mlb to 4.8Mlb for the 12 months. This is up from its previous guidance range of 4Mlb to 4.4Mlb.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 16% to $2.38. Investors have been fighting to get hold of the buy now pay later provider's shares following the release of its third-quarter update. Zip reported record cash EBTDA of $65.1 million for the third quarter, which represents a 41.5% increase on the prior corresponding period. In light of its stronger than expected performance, management now expects group cash EBTDA of at least $260 million for the full year. This is up from its previous guidance of approximately $248.6 million.
