In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 8,658.3 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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Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is up 7% to $29.66. Investors have been buying this medical device company's shares following the release of a strong FY 2026 result. Fisher & Paykel Healthcare reported a 14% increase in total operating revenue to NZ$2.31 billion and a 24% increase in net profit after tax to NZ$469.5 million for FY 2026. The company's CEO, Lewis Gradon, said: "Our Hospital business performed strongly across the portfolio of therapies globally. We were especially encouraged by consumables growth, given it occurred during a period in which hospital admissions for seasonal respiratory illnesses in the United States and other major markets appeared to be subdued compared to the previous year. This suggests that changing clinical practice continues to be a strong growth driver."
GR Engineering Services Ltd (ASX: GNG)
The GR Engineering Services share price is up 5.5% to $5.50. This morning, this engineering services company won an engineering, procurement and construction (EPC) contract from Boab Metals Ltd (ASX: BML). This is in relation to the Sorby Hills Silver-Lead Project, which is located 50 km from Kununurra in Western Australia. The company estimates that the contract is worth $109 million.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 16% to $3.99. The catalyst for this has been the release of a trading update from the ecommerce company this morning. For the 10 months ended 30 April, Kogan reported total gross sales growth of 13.2% to $875.6 million and a 25.4% increase in group adjusted EBIT to $26.9 million. This was driven by a strong performance from the core Kogan business and a much-improved performance from the Mighty Ape business. It said: "The Company delivered a Group Adjusted EBITDA margin of 8.6%, towards the upper end of previously provided FY26 guidance, which includes the impact of the turnaround of Mighty Ape. This performance was driven by strong profitability within Kogan.com, which achieved Adjusted EBITDA margin of 11.5%, together with materially improved performance at Mighty Ape in the most recent four months to 30 April 2026."
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is up almost 2% to $77.14. This may have been driven by a broker note out of Morgans. It has upgraded the Bunnings owner's shares to an accumulate rating (from trim) with a slightly improved price target of $81.10 (from $80.50). It said: "WES's share price has fallen 9% over the past 12 months and 7% over the past 6 months. The stock is now trading on a more reasonable 26.5x FY27F PE compared to a peak one-year forward multiple of ~37x in August 2025."
