In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.5% to 8,436.5 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
The Corporate Travel Management share price is up almost 10% to $16.44. This morning, this corporate travel specialist released its half year results and reported a 6% decline in revenue to $342.8 million and a 33% decline in underlying net profit after tax to $38.7 million. However, this was largely expected as its European operations wound down one-off war-related projects from FY 2024. Investors appear more focused on its Rest of World segment excluding Europe, which delivered a 38% increase in underlying EBITDA growth of 38%. Management also spoke positively about the future and revealed that it is aiming to double its FY 2024 earnings in the next five years.
The Light & Wonder share price is up 10% to $168.63. This follows news that the game developer has signed an agreement for an acquisition. Light & Wonder is acquiring the charitable gaming assets of Grover Gaming and G2 Gaming for a total consideration of US$850 million cash. This is subject to customary purchase price adjustments, and a four-year revenue based earn-out of up to US$200 million cash. CEO Matt Wilson said: "Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years. This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile."
The Navigator Global share price is up 17% to $1.92. This follows the release of the investment company's half year results. Navigator Global reported a 28% increase in revenue to US$92.3 million and a 16% lift in adjusted EBITDA to US$41.1 million. The company's CEO, Stephen Darke said: "Our first half results reflect an excellent performance from Lighthouse and highlights the importance of a diversification across NGI's scalable portfolio of alternative managers."
The St Barbara share price is up 4% to 26.5 cents. This follows a strong rise in the gold price overnight and the release of the company's half year results. In respect to the latter, St Barbara posted an underlying loss after tax of $48 million for the half. This appears to have been better than some investors were fearing. St Barbara ended the year with cash on hand of $129.1 million excluding restricted cash.
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