In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.65% to 8,255.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine share price is up 3% to $1.68. This follows the release of the media company's half year results this morning. Nine reported a 1% increase in revenue to $1.39 billion but a 25% decline in net profit after tax to $112 million. Investors appear to be focusing more on management's plan to cut costs. It is planning restructuring that will ensure its optimal positioning into the future. This includes targeting further cost efficiencies of more than $100 million through the end of FY 2027.
Qualitas Ltd (ASX: QAL)
The Qualitas share price is up 10% to $2.72. This morning, this alternative real estate investment manager released its half year results and revealed a 19% increase in funds management revenue to $30.8 million and a 28% jump in normalised net profit after tax to $16.2 million. This allowed the Qualitas board to increase its fully franked interim dividend by 29% to 5.4 cents per share. Commenting on the future, Managing Director and Co-Founder Andrew Schwartz said: "Australia's commercial real estate private credit market is still in its early stages compared to other geographies and is well positioned to further grow given strong residential tailwinds and access to attractive risk-adjusted returns."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 2.5% to $23.97. Investors have been buying the energy giant's shares after the release of its full year results. Woodside reported a 6% decline in operating revenue to US$13,179 million and a 115% increase in net profit after tax to US$3,573 million due to favourable one-offs. However, on an underlying basis, its net profit was down 13% to US$2,880 million primarily due to lower realised oil and gas prices. Woodside declared a 53 US cents per share. Overall, this result was largely in line with the market's expectations.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 16% to $2.76. This follows the release of the buy now pay later provider's half year results. Zip posted a 23.9% increase in total transaction value to $6.2 billion and a 117.1% jump in cash EBTDA to $67 million. This was driven largely by the company's US business, which continued its explosive growth during the six months.
The post Why Nine, Qualitas, Woodside, and Zip shares are storming higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has recommended Nine Entertainment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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