In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is tumbling lower. At the time of writing, the benchmark index is down 0.2% to 6,699.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has jumped 8% to $19.26. Investors have been buying Flight Centre and other travel shares after the Federal Government announced a major stimulus package to support the domestic tourism sector. The government is planning to introduce a $1.2 billion package that would see certain regional domestic airline tickets cut by 50%.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 2% to $5.28. This has also been driven by news that the government will be supporting the domestic tourism market. In response to the news, Qantas CEO Alan Joyce said: "This support is fantastic news for aviation and for the thousands of businesses, big and small, that rely on the tourism industry. With the vaccine rollout now giving more certainty that state borders will stay open, this is the perfect time to provide stimulus and get people travelling domestically again, particularly given there won't be any international tourists for another seven months."
ResApp Health Ltd (ASX: RAP)
The ResApp share price has risen 5% to 6 cents. Investors have been buying the digital health company's shares after it announced a US-based clinical study to explore the relationship between coughing and COVID-19. ResApp has engaged Phosphorus, a leading US clinical-grade testing company, to provide at-home COVID-19 testing for the study. ResApp is ultimately aiming to develop a smartphone-based algorithm to identify people with suspected COVID-19 through their cough sounds.
Volpara Health Technologies Ltd (ASX: VHT)
The Volpara share price is up 8% to $1.33 following the release of an investor presentation. Investors appear pleased with the company's growth plans and confident it will achieve its goals. This includes growing its average revenue per user (ARPU) metric from US$1.16 to US$10 in the future.
