The S&P/ASX 200 Index (ASX: XJO) is having a tough finish to the week. In afternoon trade, the benchmark index is down 1.1% to 8,815 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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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 5% to $6.43. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded the infant formula company's shares to a buy rating (from neutral). The broker made the move on valuation grounds following a significant de-rating in recent months. UBS feels that the selling, which was driven by concerns over a product recall, has been overdone.
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 13% to $10.58. Investors have been buying this defence and space company's shares after it announced a major sales order from the United Arab Emirates. EOS revealed that it has secured a US$124 million (~A$175 million) order for its Slinger Counter-Drone Remote Weapon System (RWS). It notes that the system will be supplied to Generation 5 Holding, which is a 100% United Arab Emirates owned provider of defence equipment, technology and services headquartered in Abu Dhabi. The order includes the RWS, cannon, spares, training, and other supplies.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is up over 5% to $2.53. This has been driven by the release of a trading update and news that the language testing and student placement company is launching a $50 million share buyback. IDP Education expects its EBIT to grow marginally in FY 2026 to $122 million (from $119 million in FY 2025). A key driver of this has been its cost-out program. Management advised that it is now expecting a $30 million net reduction in the cost base in FY 2026, which is ahead of the $25 million target previously announced.
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity share price is up 16% to 47.7 cents. Investors have been buying the casino operator's shares following the release of an update on its Adelaide operation. SkyCity revealed that it has entered into an agreement with the Commissioner for Liquor and Gambling in South Australia to resolve all outstanding regulatory matters. The company's CEO, Jason Walbridge, said: "Reaching this in-principle agreement is an important step for SkyCity and reflects the significant work our team has done over the past 4 years to transform our compliance culture, strengthen our governance, and earn back the trust of our regulators. We accept the findings that led to this outcome and take seriously the obligations we have committed to."
