In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 8,633.8 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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Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 5% to $8.92. Investors have been buying the ASX defence stock today after it released an update on its proposed MARSS acquisition. EOS revealed that MARSS recently entered into a GBP85 million (~A$160 million) contract with an existing Middle Eastern military customer. EOS notes that MARSS' NiDAR Command and Control (C2) systems are used to detect, track and defeat drone attacks. And due to the performance of the NiDAR system in an active conflict zone, it is seeing accelerated customer enquiry and interest in its integrated and turn-key counter-drone capabilities. Subject to transaction completion, the addition of MARSS' $217 million order book would increase EOS' total order book to $726 million.
Megaport Ltd (ASX: MP1)
The Megaport share price is up a further 4% to $13.07. Investors have been buying the network solutions company's shares this week after it announced another major contract win for its Latitude.sh business. Megaport advised that it has secured three major GPU, CPU, network, and storage contracts across two customers with a combined total contract value of approximately US$182.9 million (A$254 million). Commenting on the news, Megaport's CEO, Michael Reid, said: "We are at the forefront of an accelerating inflection point across the industry. As use cases shift from AI foundation models to inference and the edge, Megaport is becoming an essential platform for powering the applications of tomorrow with globally distributed, automated infrastructure."
Racura Oncology Ltd (ASX: RAC)
The Racura Oncology share price is up 7.5% to $2.73. This morning, the oncology company announced that it has received clearance from the Safety Review Committee to escalate the RC220 dose in the Phase 1 Cardioprotection and Anticancer Synergy (CPACS) trial. Racura Oncology's CEO, Dr Daniel Tillett, commented: "I am extremely proud of the Racura team and our clinical collaborators for reaching this important milestone. The safety seen to date with RC220 in advanced cancer patients, including the absence of dose limiting toxicities even when combined with a standard of care doxorubicin dose, is highly encouraging. Finally, we wish to thank the patients and their families for their courage and generosity shown by participating in the CPACS trial."
Xero Ltd (ASX: XRO)
The Xero share price is up 9% to $80.33. This cloud accounting platform provider's shares are rebounding strongly after sinking yesterday following the release of its FY 2026 results. The team at Morgans saw this as a buying opportunity. This morning, the broker retained its buy rating with an $111.00 price target. It said: "XRO reported a better-than-expected FY26 result and FY27 outlook. Earnings momentum continues to improve relative to consensus expectations. Management were confident enough to announce a buy-back and hint at potential capital management in FY28."
