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 1.5% to 7,861.5 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Catalyst Metals Ltd (ASX: CYL)

The Catalyst Metals share price is up 5.5% to $5.82. Investors have been buying this gold miner's shares this month thanks to a number of reasons. One is the release of a drilling update, which went down well with investors. Another is the sale of a non-core asset and the third was a broker note out of Bell Potter. In respect to the latter, last week the broker upgraded Catalyst Metals' shares to a buy rating from hold. It said: "The transaction makes sense as it simplifies the business, and enables greater focus on the expansion and exploration of the flag ship Plutonic Gold Operation, while adding a low cost and rapid option to unlock value at the Bendigo Project."

KMD Brands Ltd (ASX: KMD)

The KMD Brands share price is down 1.5% to 33 cents. This retailer's shares are rebounding after falling at the end of last week following the release of its half year results. The Rip Curl, Kathmandu, and Oboz owner reported a 0.5% increase in sales to NZ$470.9 million but a 74.3% decline in underlying EBITDA to NZ$3.9 million. This ultimately led to the company recording an underlying loss after tax of NZ$16.1 million for the first half.

Orora Ltd (ASX: ORA)

The Orora share price is up 4% to $1.87. This morning, this packaging company released a further update on its French regulatory investigation. The company advised that the investigation relates to a period prior to Orora's ownership of Saverglass. Complaints have been made about price increases. However, it notes that this period was marked by major events including the Covid pandemic and the start of the war in Ukraine, which led to input costs for glass container production including energy, key raw materials and gas increasing significantly, as well as increased freight costs in an environment of very high inflation.

Southern Cross Electrical Engineer Ltd (ASX: SXE)

The Southern Cross Electrical Engineer share price is up 5% to $1.64. This follows news that SCEE is acquiring Force Fire Holdings, a leading New South Wales and Queensland-based provider of fire safety solutions to the commercial and industrial sectors. An initial upfront consideration of $36.3 million has been agreed. This could increase to a total consideration of up to $53.5 million for delivering EBIT growth targets in FY 2026 and FY 2027.